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Largest state regulatory reforms in a decade coincide with State GAC


League-backed legislation is scheduled for action this week, just as Activists prepare for their annual visits with state lawmakers in Madison as part of The League's State Government Affairs Conference (GAC).


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 The changes update out-of-date, contradictory or simply unnecessary notations, phrases or sections of the code.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 contact Tom Liebe, VP of Government Affairs, at (608) 514-0082.


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