League staff have been working closely with the authors of the drafted amendment for Assembly Bill 277 (attached) that was mentioned in yesterday's Capitol Insight.
After sharing a draft memo (attached) and speaking directly with the amendment authors to detail the serious practical complexities the amendment would create for credit unions, they decided to withdraw their amendment from consideration in tomorrow's Assembly Committee on Financial Institutions hearing. Please keep the attached memo confidential. Because the authors have decided to withdraw their amendment, we will not be circulating the memo publicly.
It is our understanding that the only amendment that may be offered during the hearing tomorrow is one to eliminate the chargeback changes made in AB 277 (attached). We explained to the author that we continue to hold the position that the state and federal chargeback timelines should be harmonized in order to enhance the state charter.