Feb. 27, 2020
Public Deposits Legislation Introduced in Maryland

Companion bills, SB975  and  HB1489, which would permit Maryland credit unions to accept public funds and authorize Maryland government entities to deposit public funds in credit unions, were introduced in the House and Senate at the request of local government. According to its website , the MD|DC Credit Union Association “fully supports the bills to enable localities to have the opportunity to keep their public deposits in local institutions that will reinvest back into their communities.”

Hearings are scheduled for March 3 in the Senate Finance Committee and March 6 in the House Economic Matters Committee.

Idaho Lawmakers Consider Credit Union Legislation

An update to the Idaho Credit Union Act, HB 473 , is progressing the in the State House. The legislation would permit the Director of Credit Unions to issue enforcement actions directly to a credit union, provide for confidentiality of examination reports and other confidential information, and authorize credit unions to act as a custodian or fiduciary for tax-advantaged savings plans. 

Carolinas League Leads Effort to Update South Carolina Credit Union Act

The Carolinas Credit Union League led the effort to introduce SB 1107 , which updates both the state’s banking charter and credit union act. The amendments to the Credit Union Act would ease the regulatory burdens of credit unions and permit credit unions to better serve their members.

After a contentious battle over the substantial South Carolina Credit Union Act updates in 2018, the League conferred with lawmakers, regulators and bankers to craft non-controversial items that would benefit credit unions and banks.

Credit Union Director Compensation Bill Advances in Virginia

Recently, the Virginia House and Senate passed Virginia Credit Union League-supported companion bills that would permit state-chartered credit unions to compensate board members. The legislation, HB 813 / SB 296 , caps compensation at $6,000 annually and exempts certain insurance coverage for officials from the compensation calculation. Because of the limits placed on the compensation, bankers dropped opposition to the measure.

New State Regulator Advisory Group Launched at FDIC

State supervisors from 14 states were named members of a new advisory group to the federal insurer of bank deposits Wednesday, as part of the agency’s efforts to discuss issues with “potential implications” for state-chartered banks and thrifts.

NASCUS has advocated that NCUA form a similar council of state credit union supervisors for the federal credit union regulator, to serve in a similar function of advising (and coordinating with) the agency on regulatory matters.
Upcoming NASCUS Events

March 16 - March 17
New Orleans, Louisiana

April 7
Battle Creek, Michigan

NASCUS 101
April 23
Webinar

April 28
Columbus, Ohio

June 1 - June 3
San Diego, California

June 17 - June 18
Chicago, Illinois

August 9 - August 12
New York, New York

StateFocus will be published on a monthly basis during the final week of each month. Please submit any activity in your state to Shelton Roulhac for publication.
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StateFocus | www.nascus.org
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