BREAKING NEWS: Parity Powers Bill Unanimously Passes Senate Commerce and Labor Committee

Our parity powers legislation unanimously passed the Senate Commerce and Labor Committee today.

SB329 will make the process easier for state-chartered credit unions to exercise the same powers as their federally chartered peers. Currently, state-chartered credit unions must seek permission from the state Bureau of Financial Institutions to do this. This bill would change the process to a notice requirement, whereby a state-chartered credit union would notify BFI of its intention to engage in an activity, service, or other practice that is authorized for a federally chartered credit union. Provided BFI doesn’t deny or delay that new authority, the state-chartered credit union would be authorized to engage in that activity after a 45-day waiting period.

League President/CEO Carrie Hunt testified before the committee, noting the importance of parity legislation that helps state-chartered credit unions remain on equal footing with federally chartered credit unions.

Companion bill HB209 will likely be heard by the full Commerce and Energy Committee next week, either Feb. 8 or 10.

We appreciate credit unions' support of this bill through our Grassroots Action Center, through which we've generated 277 email messages to state lawmakers. If you haven't yet reached out to your lawmakers, please do so today!