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Nevada state regulator gets "wildcard" authority

CARSON CITY, Nev. - Gov. Kenny Guinn signed into law a bill supported by the Nevada Credit Union League that gives the commissioner of the Financial Institutions Division "wildcard" authority to grant state-chartered credit unions parity in their powers with federal credit unions. S.B. 330 was introduced by state Sen....

By Staff Writer | Updated on June 26, 2001

CARSON CITY, Nev. – Gov. Kenny Guinn signed into law a bill supported by the Nevada Credit Union League that gives the commissioner of the Financial Institutions Division “wildcard” authority to grant state-chartered credit unions parity in their powers with federal credit unions. S.B. 330 was introduced by state Sen. Raymond Shaffer (D-North Law Vegas) and was passed by the state legislature on June 12. The commissioner’s new authority is effective Oct. 1. The language concerning the wildcard authority is contained in an amendment to S.B. 330, which permits mortgage companies to be licensed to conduct business in Nevada from locations outside the state. Specifically, the amendment to S.B. 330 allows Nevada’s state-chartered credit union to exercise any authority and perform all acts that a federal credit union can exercise, with the consent and written approval of the commissioner. The commissioner can, 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.

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