Credit unions., the official text

An act to amend Section 14552 of the Financial Code, relating to financial institutions.

LEGISLATIVE COUNSEL'S DIGEST

The California Credit Union Law provides for the licensure and regulation of credit unions by the Commissioner of Financial Protection and Innovation. The law requires a credit union to be directed by a board of directors, as provided. The law requires the officers of every credit union to include a chairman or president, one or more vice chairmen or vice presidents, a secretary and a treasurer or chief financial officer, as well as other officers as may be necessary, as provided. The law requires a credit union to have a credit committee, except as specified.
The law requires a credit union to have a supervisory committee, except as specified. The law requires the supervisory committee to notify members of a credit union within seven days after the suspension of any or all members of the credit committee, any member of the board of directors, or any other officer, as provided.
This bill would instead require the notice described above to be given within seven business days after the suspension of any or all members of the credit committee, any member of the board of directors, or any other officer.

The people of the State of California do enact as follows:

SECTION 1.
Section 14552 of the Financial Code is amended to read:
14552.
The supervisory committee shall, within seven business days after suspension of any or all members of the credit committee, or any member of the board of directors, or any other officer, cause notice of a special meeting to be given to the members to take such action regarding the suspension as the members deem necessary.