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Nevada legislature gives CU commissioner "wildcard" authority

CARSON CITY, Nev. - The Nevada legislature passed a bill supported by the Nevada Credit Union League that would give the commissioner of the Financial Institutions Division "wildcard" authority to grant state-chartered credit unions parity with federal credit unions. The commissioner's proposed new authority is included in an amendment to...

By Staff Writer | Updated on June 12, 2001

CARSON CITY, Nev. – The Nevada legislature passed a bill supported by the Nevada Credit Union League that would give the commissioner of the Financial Institutions Division “wildcard” authority to grant state-chartered credit unions parity with federal credit unions. The commissioner’s proposed new authority is included in an amendment to S.B. 330 introduced by Sen. Raymond Shaffer (D-Clark County). Specifically, it allows Nevada’s state-chartered CUs to exercise any authority and perform all acts that a federal credit union can exercise or perform, with the consent and written approval of the commissioner. The commissioner may, by regulation, waive or modify a requirement of Nevada law if the corresponding requirement for federal credit unions has been or is eliminated or modified. At press time, the bill had been sent to Gov. Kenny Guinn and was awaiting his signature.

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