STATEMENT OF PURPOSE
RS26671
This legislation provides technical corrections and further amends the internal governance provisions of
the Idaho Credit Union Act that were amended in 2018. This legislation: amends the requirements for
annual credit union membership meetings in order to allow greater access for members to be involved in
the governance of their credit union; makes a technical correction to the different options a credit union
supervisory committee can utilize in verifying member accounts; adds technical descriptors to further
define the Capital, Assets, Management, Earnings, Liquidity, and Sensitivity (CAMELS) rating system;
and amends bond requirements to clarify what each credit union must carry in order to insure against risk
versus optional coverages that may also be purchased by the credit union.
FISCAL NOTE
There will be no fiscal impact to the General Fund associated with this proposed legislation. The provisions
of this proposed legislation specifically relates to corporate governance of state-chartered credit unions and
will require no additional resources of the Idaho Department of Finance (IDOF), and will not increase or
decrease the IDOFs revenues.
Contact:
Ryan Fitzgerald
Northwest Credit Union Association
(208) 860-8072
DISCLAIMER: This statement of purpose and fiscal note are a mere attachment to this bill and prepared by a proponent
of the bill. It is neither intended as an expression of legislative intent nor intended for any use outside of the legislative
process, including judicial review (Joint Rule 18).
Statement of Purpose / Fiscal Note S1048


Statutes affected:
Bill Text: 26-2113A, 26-2114, 26-2121A, 26-2156