Idaho Credit Union Act gets an update

Idaho credit unions continue to see changes to the state’s credit union statute, continuing a process that began in 2017.

A statement from the Northwest Credit Union Association — which serves CUs in Idaho, Washington and Oregon — said the legislation was the result of collaboration between member institutions and the state’s Department of Finance. Gov. Brad Little signed S.B. 1301 into law in late March, clarifying various code requirements for credit unions related to investments, lending and fixed assets. Among the improvement, the new law:

• Provides flexibility for credit unions to hold fixed assets and dispose of acquired assets
• Provides clarity regarding collaboration on loan participations
• Modernizes investment practices to bring them into parity with federal credit unions
• Updates investment authority for credit union service organizations to bring it in line with NCUA regulations.

“These newly passed laws will ultimately help credit unions to even better serve their 1 million members,” said Ryan Fitzgerald, NWCUA VP of legislative affairs for Idaho. “The Idaho credit union movement accomplished a lot during this legislative session, and that is the result of our collective engagement and collaboration in advocacy.”

Idaho is the latest state to update statutes for state-chartered institutions. Kansas and Washington both enacted similar laws in 2019, and other states have undertaken those measures in previous years.