Jan. 29, 2020

Welcome to StateFocus! StateFocus is the newest NASCUS publication for NASCUS members only. The publication will highlight recent legislative and regulatory activities in the states. Each edition will explore different states and various issues related to the state credit union system. Legislatures in more than 30 states have convened and state credit union supervisors and leagues are reviewing bills on an array of topics impacting credit unions 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.

New Department of Financial Protection and Innovation in California The California Governor’s Office and the state’s Department of Business Oversight (DBO) announced a plan in the department's Monthly Bulletin , to overhaul the department to add a more aggressive consumer watchdog function to the agency, as well as to foster technological advancement. Read more here >

Public Deposits Granted to New York Credit Unions In December, Gov. Andrew Cuomo signed legislation permitting New York credit unions to accept public deposits. Under the new law, credit unions can participate in the state’s Banking Development District (BDD) Program. The BDD Program was created to encourage financial institutions to establish branches in economically distressed communities throughout New York where there is a demonstrated need for banking services. Institutions that are approved for a BDD designation are eligible to receive up to $10 million in subsidized public deposits and other benefits, including below market-rate deposits from New York state. Read more here >

Ohio League Pursuing Cyber Legislation The Ohio Credit Union League is seeking to advance a measure in the Buckeye State that would increase the penalties for individuals found guilty of electronic data manipulation, theft or phishing. The League cites the uptick in cyber crimes and lack of action at the federal level as rationale for the Ohio Cyber Crimes Act, House Bill 368 , to promptly pass. Read more here >

Super Parity Rule Effective in Washington Recently, the Washington State Department of Financial Institutions’ Division of Credit Unions (DCU) published a final rule creating procedures for credit unions requesting powers and authorities authorized in other states. Under WAC 208-400-040 , a credit union must send notice to the director of the DCU expressing its intent to exercise a power or authority that it would have if it were an out-of-state credit union. Read more here >

Prize-Linked Savings Expand to Hawaii and Utah Recently, credit unions in Hawaii and Utah began offering prize-linked savings programs. These programs motivate consumers to save money by offering them prizes that are linked to their savings accounts. According to a recent article in the Credit Union Journal, more than 30 states offer some form of prize-linked savings program.

Upcoming NASCUS Events Across the Nation National Meeting March 16 - March 17 New Orleans, Louisiana Michigan Directors’ College April 7 Battle Creek, Michigan NASCUS Ohio Credit Union Day April 28 Columbus, Ohio Cybersecurity Conference with CUNA June 1 - June 3 San Diego, California Hemp & Cannabis Banking Symposium June 17 - June 18 Chicago, Illinois State System Summit 2020 August 9 - August 12 New York, New York

Register for Events Here!

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StateFocus | www.nascus.org

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