Last week, the Assembly Financial Institutions and
Senate Financial Institutions and Rural Affairs Committees passed
identical versions of regulatory reform bills and amendments (AB 649 and
SB 520) on unanimous, bipartisan votes. The bills could receive floor
votes by the full state Assembly and full state Senate as early as Feb.
11, just prior to GAC attendees' Capitol visits.
As amended, AB 649 and SB 520 are identical
bills that address 12 of 20 sections of the state's Administrative
Code governing credit unions. The changes update out-of-date,
contradictory or simply unnecessary notations, phrases or sections of
the code. While no single change in the bills may be pivotal in and
of itself, passage of this package will yield regulatory improvements
and operational changes reducing a small portion of the regulatory
burden on state credit unions.
This legislation—whose primary
authors are Rep. Dave Craig (R-Bend) and Senator Frank Lasee
(R-Belleview)—was initiated as part of the State Assembly
Financial Institutions Committee’s ‘Right the Rules’
effort. Work on these bills began early last summer and represents an
agreed-upon proposal between The League, key lawmakers, the Office of
Credit Unions and the Department of Financial Institutions.
If you have any questions, please
Liebe, VP of Government Affairs, at (608) 514-0082.
Largest state regulatory reforms in a decade coincide with state GAC