CARSON CITY, Nev.– Nevada’s governor has signed into law Senate Bill 375, which modernizes the regulatory framework for state-chartered credit unions.
The legislation had the support of the state’s credit unions.
SB 375, effective Oct. 1, provides an update to Nevada’s credit union statutes, “empowering state-chartered credit unions with improved operational flexibility, better service delivery, and expanded capabilities to meet the diverse financial needs of Nevadans,” according to Nevada’s Credit Unions.
‘Gratitude’ Extended
“I want to extend my gratitude to our credit union leaders and advocates across the state for their advocacy and immense support,” Scott Simpson, president and CEO of Nevada’s Credit Unions, said in a statement. “They were instrumental in getting Senate Bill 375 passed and signed into law in Carson City. This legislative victory is a testament to their collective strength and a win for every credit union member in Nevada. Thank you for making this modernization a reality.”
Key Provisions
According to Nevada’s Credit Unions, key provisions of SB 375 include:
- Enhanced flexibility for Low-Income Credit Unions (LICU).
- Expanded credit union emergency powers for the state FID commissioner.
- Increased membership accessibility.
- Streamlined branch expansion.
- Modernized governance and operations.
- Expanded participation in loans to non-members.
- Broadened credit union investment horizons.
- Flexible fixed-asset investments.
- Streamlined member onboarding.
- Clarified geographic common bond.
- Federal alignment for regulatory reserves.
A ‘Win’ for Credit Unions
“The passage and signing of SB 375 is a win for credit unions and their members,” Robert Wilson, SVP-state government Affairs for Nevada’s Credit Unions, said in a statement. “It reflects an understanding of the role credit unions play in our communities and provides the necessary tools for them to continue offering accessible, member-focused financial services. We want to extend our sincere gratitude to Governor Lombardo…”