An Act to strengthen the state credit union charter

This bill allows mutual banks and credit unions to merge into a single credit union with approval from their boards and the state commissioner. It also permits mutual banks to convert into credit unions, requiring depositors to become members within two years and mandating the disposal of non-permissible assets. Additionally, the legislation expands the types of investments credit unions can make, including asset-backed securities and services from other financial entities, while enabling credit unions to merge with various types of savings and cooperative banks.