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Tackling the Issues for 2020: State Law Review Task Force Meeting

On August 22nd the Georgia Credit Union State Law Review Task Force met with the Department of Banking and Finance to identify and analyze additional potential changes to credit union law and regulation, and assess the legislative temperament in the year ahead. This Task Force, in its fourth year, was created to pursue improvements to the state charter for credit unions, remove compliance burdens, and be engaged with the Department in a proactive, meaningful way for the future. A timeline of the work accomplished by this Task Force:

While this Task Force tackled several positive charter enhancement issues that were able to pass into law to make the operational environment competitive for credit unions each year since its inception, it is important to continually look for ways to improve so as to have a strong charter option in Georgia.

Comprising credit unions from around the state, this meeting was the opportunity for dialogue to discuss ideas, insight and traction for progressive changes, and look for avenues to advance the state charter now and in the future. Topics addressed in the meeting with the Department was focused predominantly on potential changes to how the legal lending limit at credit unions is defined, as well as providing operational flexibility on member interactions and record retention.

This meeting is a key step in pursuing additional charter enhancements and protections for the industry; and is how credit unions have been able to procure positive changes with the Department in legislation. Building consensus is a key factor in any legislative success, and our thanks to the Department for their open dialogue and desire for the credit union Task Force to be an active part of the process.

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