The House Business and Labor Committee on Wednesday put the bill on hold, saying it requires further study.

House Bill 277, proposed as the Legislature is coming to a close as a way to better define the mission of the state's credit unions, would have allowed the financial institutions' members to decide whether their credit unions should pay them cash dividends with excess profits or invest in projects such as new branches. The bill also would have required credit unions to "make a list of all its members with contact information available to any members of the credit union upon written request of the member."

Scott Simpson, Utah League of Credit Unions president, said requiring credit unions to let members decide what to do with profits is "goofy" and "a real good way to screw up the safety and soundness of credit unions."

He also said requiring credit unions to make lists of their members public violates federal privacy law and could aid in identity theft.

"It's not a very well thought out plan," he said.

Ed Leary, commissioner of the Utah Department of Financial Institutions, said he shares similar concerns.

Howard Headlee of the Utah Bankers Association said he had no comment on Christensen's measure because he had not yet had the opportunity to study it.