SSB 3018, a study bill containing provisions that allow credit unions the ability to secure trust powers currently sits with an Iowa Senate subcommittee. While this bill has not yet been introduced in the Iowa House, CBI advocates for amendments--particularly in Section 7 - Powers--that prevent this power grab sought by Iowa's credit unions.
CBI Lobbyist Jeff Boeyink met with the CBI Board of Directors to detail the proposed Credit Union Transparency Act, a joint project between CBI and the Iowa Bankers Association to define large complex credit unions, and requiring them to file detailed financial statements with the State of Iowa. CBI has been registered with the Iowa Congress as Opposed to this bill, and will remain so until amendments stripping that Section of the bill have been made or until the bill dies.
CBI Lobbyist Jeff Boeyink met with the CBI Board of Directors to detail the proposed Credit Union Transparency Act, a joint project between CBI and the Iowa Bankers Association to define large complex credit unions, and requiring them to file detailed financial statements with the State of Iowa. CBI has been registered with the Iowa Congress as Opposed to this bill, and will remain so until amendments stripping that Section of the bill have been made or until the bill dies.
Howard Hagen, attorney and named partner of Dickinson Mackaman Tyler & Hagen PC legal firm states that the proposed, un-amended legislation would "open the floodgates and allow credit unions to engage in activities that would not be permitted under Iowa law. That Section [7-Powers], in effect, gives their Superintendent "super powers" to authorize additional activities which in no way can be contained by Iowa Law."
CBI continues to work toward blocking efforts by credit unions to gain in banking powers, still while not subjected to tax law and regulations enforced on traditional banking institutions. We will provide updates on this and other developments on this issue as they occur.
Read SSB 3018 summary. See lobbyist declarations.
CBI continues to work toward blocking efforts by credit unions to gain in banking powers, still while not subjected to tax law and regulations enforced on traditional banking institutions. We will provide updates on this and other developments on this issue as they occur.
Read SSB 3018 summary. See lobbyist declarations.
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