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Minnesota CU Protection Act signed into law

ST. PAUL, Minn. - Gov. Jesse Ventura signed into law on April 16 the Minnesota Credit Union Protection Act. The signing marks the successful end of an eight-month grassroots effort by the Minnesota Credit Union Network and credit unions in the face of opposition from banks who used their own...

By Staff Writer | Updated on April 23, 2002

<p>ST. PAUL, Minn. – Gov. Jesse Ventura signed into law on April 16 the Minnesota Credit Union Protection Act. The signing marks the successful end of an eight-month grassroots effort by the Minnesota Credit Union Network and credit unions in the face of opposition from banks who used their own lobbyists in their attempt to kill the bill as it worked its way through the state House and Senate. Among the provisions of the Credit Union Protection Act, it allows occupation and association based CUs to convert to community charters; it provides an expedited process for CUs to add groups to their field-of-membership; and it provides SCCUs access to alternative capital. The original credit union act that was on the books was more than 70 years old.</p>

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