NV Credit Unions Applaud Lawmakers & Governor for Modernizing State Charter

Scott Simpson

Nevada’s credit union leaders are celebrating a legislative victory with Governor Joe Lombardo recently signing Senate Bill 375 into law. This legislation, sponsored by Nevada’s Credit Unions, marks a modernization of the regulatory framework for state-chartered credit unions, guaranteeing they can better serve their members and remain competitive in the evolving financial services landscape.
 
Credit unions operate under a dual charter framework, allowing them to be chartered either federally by the National Credit Union Administration (NCUA) or through the state by the Nevada Financial Institutions Division (FID). Lombardo’s recent signature was the capstone to an effort to update Nevada’s credit union statutes, which have needed alignment with current industry practices and federal guidelines.
 
SB 375, effective October 1, 2025, provides an update to Nevada’s credit union statutes, empowering state-chartered credit unions with improved operational flexibility, better service delivery, and expanded capabilities to meet the diverse financial needs of Nevadans.
 
“I want to extend my gratitude to our credit union leaders and advocates across the state for their advocacy and immense support,” said Scott Simpson, President and CEO of Nevada’s Credit Unions. “They were instrumental in getting Senate Bill 375 passed and signed into law in Carson City. This legislative victory is a testament to their collective strength and a win for every credit union member in Nevada. Thank you for making this modernization a reality.”
 
Key provisions of the newly enacted SB 375 include:
 

• Enhanced flexibility for Low-Income Credit Unions (LICU).
• Expanded credit union emergency powers for the state FID commissioner.
• Increased membership accessibility.
• Streamlined branch expansion.
• Modernized governance and operations.
• Expanded participation in loans to non-members.
• Broadened credit union investment horizons.
• Flexible fixed asset investments.
• Streamlined member onboarding.
• Clarified geographic common bond.
• Federal alignment for regulatory reserves.

 
Today’s modernization through SB 375 promises that Nevada’s state-chartered credit unions can operate on a more level playing field with their federal counterparts in the financial services marketplace, promoting a robust and competitive dual charter system that ultimately benefits credit union members throughout the Silver State.
 
“The passage and signing of SB 375 is a win for credit unions and their members,” said Robert Wilson, Senior Vice President of State Government Affairs for Nevada’s Credit Unions. “It reflects an understanding of the role credit unions play in our communities and provides the necessary tools for them to continue offering accessible, member-focused financial services. We want to extend our sincere gratitude to Governor Lombardo for his commitment to a strong and vibrant financial ecosystem, as well as state legislators who helped make this legislation a reality.”

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