CapitolLink keeps bankers in-the-know about the latest legislative activity in St. Paul and across the state. The regular updates on legislative issues and banking bills in Minnesota, as well as Washington briefings impacting the banking community, are included in each issue. CapitolLink is updated weekly while the state Legislature is in session.
Yesterday, ICBM went to bat for the state’s community banks with “Put an end to big banks’ win-win scenario,” an article published in the Pioneer Press.
“As an association of community banks, we wanted to explain directly to the general public and to lawmakers that community bank over-regulation affects everyone,” said Jim Amundson, ICBM President/CEO. “We need to dismantle the current environment where regulation creates a win-win scenario for Wall Street mega- banks. The best way to do that is to provide regulatory relief for community banks.”
PACE Reform Bill Passes in Minnesota Senate
ICBM-supported legislation to reform the Residential Property Assessed Clean Energy (PACE) program has passed in the Minnesota Senate. The bill (SF3245) includes consumer protections and clear disclosures, assessments of homeowners’ ability to repay the loan, and subordinate lien position for PACE loans.
“ICBM has engaged lawmakers about PACE reform because there is pressure from some to give PACE loans superior lien position to that of existing mortgages,” Amundson said. “Thank you to Senator Pratt, and the bill’s cosponsors, for protecting consumers while also maintaining community bank lien priority.”
The PACE reform bill in the House (HF3688), which passed in the Ways & Means committee last week, now waits for a vote on the House floor.
State Tax Reform
Both bodies of the legislature have passed their tax proposals. The House bill (HF4385) passed with a bipartisan, floor vote of 90-38. The Senate’s tax plan (SF3982) passed by a 34-32 party-line vote. The conference committee on the tax bill began meeting this week.
Both the House and Senate tax proposals include making “federal adjusted gross income” the starting point for computing Minnesota taxes (as opposed to current usage of federal taxable income). That’s where similarities end.
Look for continued coverage from ICBM as lawmakers debate state taxes.
The bill to adopt the Revised Uniform Law on Notarial Acts and authorize remote notary in Minnesota (HF1609) was recalled to the Ways & Means committee last week.
The bill passed and is now again waiting for a House floor vote; likewise for its Senate companion.
Governor Dayton signed the skimmer bill into law yesterday.
The bill criminalizes unauthorized interference with point-of-sale terminals, such as ATMs or gas pumps, to collect information from credit, debit, or similar cards.
It will now be a felony to access or attempt to access “an electronic terminal through opening any panel or access door without authorization and placing or attaching, or attempting to place or attach, an electronic device to capture, store, or communicate access device information.”
Questions or comments?
Please contact Jim Amundson, ICBM President/CEO, at firstname.lastname@example.org or 651-789-3985.
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