Colorado lawmakers blocked a community bank-opposed legislative provision that would permit credit union acquisitions of the state’s banks.
Legislative Details: The Colorado Senate Business, Labor, & Technology Committee on Tuesday night stripped the provision from a broader banking bill. In a recent op-ed, ICBC Executive Director Michael Van Norstrand and CBA President and CEO Jenifer Waller urged lawmakers to oppose the policy change.
Outlook: Colorado community bankers continue working to ensure the provision doesn’t advance through another legislative vehicle in the days ahead. The Colorado legislative session ends Wednesday, May 8.
Related State Activity:
Tennessee Governor Bill Lee recently signed Tennessee Bankers Association-advocated legislation clarifying that the state’s banks may only be acquired by FDIC-insured institutions after an appellate court ruled earlier this year that the state’s banks may be acquired by credit unions.
The Independent Bankers Association of New York State and New York Bankers Association recently urged that state’s banking department to pause and analyze the first-ever acquisition of a New York bank by a credit union.