Governor Little Signs Senate Bill 1301 into Law

Posted by Zach Forster on March 26, 2024

Governor Little signing bills into law.

Late Thursday evening, Governor Little signed Senate Bill 1301, amendments to the Idaho Credit Union Act into law. Members of the 2024 Idaho State Issues Working group worked tirelessly over the summer and into the fall to create legislation that aimed to modernize the Idaho charter and keep it as competitive to our regional states as well as the Federal Credit Union Act as possible. SB1301 was the result of that hard work. The committee provided amendments in four different areas throughout the charter:

1. Updating the definitions section of the act. This included adding necessary definitions that were not already included as well as removing old and unnecessary definitions that were no longer applicable.
2. Streamline day-to-day operations. There has been a consistent focus on modernizing and streamlining daily operations for Idaho credit unions over the last several years, and this year was no different.
3. Create better opportunities to serve rural Idahoans. We expanded Idaho credit unions’ ability to provide financial services to underserved areas throughout the state by incorporating that into a credit union’s field of membership.
4. Improving investment opportunities for Idaho credit unions. SB1301 now allows credit unions to make investments beyond traditional CUSO investments if they so choose.

Again, I want to thank all those who contributed to the success of SB1301!

Posted in Advocacy on the Move, Idaho Advocacy.