KLS Keeping Law Simple Legislation in plain English

Straight-ahead summaries built from the official bill text. We keep the source links front and center and leave the decision up to you.

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AB-1179 • 2026

Credit unions.

Credit unions.

Labor
Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor
Chen
Last action
2026-02-02
Official status
From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.
Effective date
Not listed

Plain English Breakdown

The official source does not specify the exact consequences if the notice is not given on time.

Credit Unions Rules

This law changes how quickly a credit union must inform its members about suspensions of important individuals within the organization.

What This Bill Does

  • Requires credit unions to have a board of directors and specific officers like a chairman or president, vice chairmen or vice presidents, secretary, treasurer or chief financial officer, as well as other necessary officers.
  • Needs credit unions to have a supervisory committee.
  • Makes sure that if anyone on the supervisory committee, board of directors, or any other officer is suspended, members must be told within seven business days.

Who It Names or Affects

  • Credit unions in California
  • Members of credit unions

Terms To Know

credit union
A financial institution that is owned and controlled by its members, who are also the users of the services provided.
supervisory committee
A group within a credit union responsible for overseeing the activities of other committees or officers.

Limits and Unknowns

  • The bill does not specify what happens if the notice is not given on time.
  • It only changes how quickly members must be informed about suspensions, but it doesn't change why someone might be suspended.

Bill History

  1. 2026-02-02 California Legislative Information

    From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.

  2. 2026-01-31 California Legislative Information

    Died pursuant to Art. IV, Sec. 10(c) of the Constitution.

  3. 2025-03-10 California Legislative Information

    Referred to Com. on B.&F.

  4. 2025-02-24 California Legislative Information

    Read first time.

  5. 2025-02-22 California Legislative Information

    From printer. May be heard in committee March 24.

  6. 2025-02-21 California Legislative Information

    Introduced. To print.

Official Summary Text

AB 1179, as introduced, Chen.
Credit unions.
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.

Current Bill Text

Read the full stored bill text 
Download Bill PDF