Raleigh, NC (June 24, 2026) |
The North Carolina General Assembly has approved legislation that modernizes state credit union laws and expands opportunities for state-chartered credit unions to serve underserved communities across the state.
The credit union provisions are included in Senate Bill 595, a broader legislative package that passed the Senate last week and the House on Tuesday. The measure represents the culmination of four years of collaboration, advocacy and negotiation involving credit unions, policymakers and stakeholders.
Among its provisions, the legislation authorizes state-chartered credit unions to accept as members North Carolinians with incomes below the federal poverty line as well as those who are living in banking deserts, expanding credit unions’ reach while reinforcing their purpose as not-for-profit institutions committed to improving the financial well-being of all.
Dan Schline, president and CEO of the Carolinas Credit Union League, said, "People who live in rural and underserved parts of North Carolina have dwindling financial services options. Credit unions, as not-for-profit cooperatives, have the right model and the will to serve them. This legislation will grant them permission to do so. Credit unions across the state are deeply grateful to bill sponsors and those who worked behind the scenes for the years of work that have gone into this measure."
The bill also:
- Modernizes some credit union laws that haven’t been updated since the 1970s. For example, it allows credit unions to keep records electronically.
- Streamlines the process through which state-chartered credit unions can gain permission to operate in ways already allowable for federally-chartered credit unions.
- Strengthens the powers of the North Carolina Administrator of Credit Unions, which also haven’t been updated since the 1970s.
The Carolinas Credit Union League worked alongside credit union leaders and legislative champions throughout the process to advance the measure, which now awaits action by Governor Josh Stein.