ICBM opposes bill to fund new MN credit union
March 21, 2019
During the last week, lawmakers in both the state house and senate introduced bills that would appropriate $500,000 in fiscal years 2020 and 2021 for a grant to charter a credit union to provide financial services to low-income individuals.
“Credit unions already act like banks without paying income taxes,” said ICBM President & CEO Jim Amundson. “The idea that we need to use the tax dollars that everyone else pays to fund a new credit union charter is preposterous. We oppose this bill!”
ICBM will engage the bills’ authors and supporters to ensure they are aware that every county in the state is served by a state-chartered bank.
ICBM makes progress on top legislative priority
One of our top legislative priorities for this session was to support and explore changes to statute that would allow community banks to safely intervene when they suspect elder financial abuse.
During the last week, Senator Karin Housley and Representative Schultz introduced SF2466/HF 2475, which provides community banks the same “immunity” as broker-dealers and investment advisers who report suspected financial elder abuse in good faith.
ICBM and its GR team at Goff Public will continue to work towards passage of this needed addition to state statute.
On our Radar
We also continue to monitor the Department of Commerce policy bill (HF 2208) which was introduced on March 7. As we reported last week, the bill contains problematic elements for community banks related to proposed changes to the state’s unclaimed property processes.
ICBM will work to ensure community banks are not adversely affected by new laws for unclaimed property. So far, the bill has not been heard in a committee in either body.