The bill removes an outdated reporting requirement for credit unions and repeals an outdated provision for the transition of credit unions into the state requirement for insurance of accounts.

The bill adds a specific requirement that a credit union board of directors establish a written loan policy and written investment policy and modifies several outdated provisions relating to the establishment of a supervisory committee or a credit committee. It also repeals an outdated law that prohibits a credit union director from acting as a surety or comaker on any loan.

The bill clarifies the duties and responsibility of a credit union supervisory committee or independent public accountant. The bill also requires a credit union over $50,000,000 in assets to employ an independent public accountant and provides the superintendent with rule-making authority to further define the duties of the supervisory committee or independent public accountant.

The bill repeals outdated provisions in state law governing powers and duties of credit committees or loan officers of a credit union.

The bill amends outdated provisions for credit union members to call a special meeting of the board of directors and brings it into alignment with federal law in that area.

The bill clarifies the lending powers of a credit union, repeals the outdated provisions relating to mortgage loan application, inserts statutory provisions that require a credit union to establish a written loan policy, and gives the superintendent rule-making authority to further regulate lending activities by credit unions.

The bill requires a credit union to have a written investment policy and removes an outdated reference to the now defunct Federal Savings and Loan Insurance Corporation found in credit union law.

The bill repeals outdated language governing voluntary or involuntary dissolution of a credit union and replaces it with the more modern approach that is consistent with the process followed by the National Credit Union Administration, the federal