SB 21-22: Credit Unions Are Good Act (Final Vote) (user search)
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  SB 21-22: Credit Unions Are Good Act (Final Vote) (search mode)
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Author Topic: SB 21-22: Credit Unions Are Good Act (Final Vote)  (Read 1118 times)
Pericles
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« on: December 01, 2019, 10:42:40 PM »
« edited: December 28, 2019, 03:47:02 PM by Pericles »
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CREDIT UNIONS ARE GOOD ACT

SECTION I: NAME
a. This act shall be known as the Credit Unions Are Good Act

SECTION II: REPEAL OF DUMB REGULATIONS
a. The regulation prohibiting federally regulated credit unions from purchasing mortgage servicing rights as an investment, including but not limited to mortgage servicing rights from other credit unions is hereby eliminated, provided the total assets of mortgage servicing rights held by any federal credit union does not exceed 20% of its total assets. 12 CFR 703.16 shall be amended accordingly.
b. The regulation prohibiting federally regulated credit unions from purchasing and holding their own account investment grade securities is hereby eliminated provided that the total assets of such securities held by a federally regulated credit union does not exceed 10% of its total assets. 12 CFR 703.14 shall be amended accordingly.
c. Any State law governing member business loan limitations for credit unions that conflict with a federal law governing federally-regulated credit unions are hereby preempted.

SECTION III: TIMING
a. This act shall take effect thirty (30) days after adoption.

House of Representatives
Passed the House of Representatives 7-0-1-1
X YE

Sponsor:
Senate Designation: SB 21-22
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Pericles
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Posts: 17,211
« Reply #1 on: December 01, 2019, 10:45:21 PM »
This needs a sponsor.
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Pericles
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Posts: 17,211
« Reply #2 on: December 03, 2019, 08:35:36 PM »
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Pericles
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« Reply #3 on: December 03, 2019, 10:05:09 PM »
24 hours to object to Senator ON Progressive sponsoring this.
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Pericles
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« Reply #4 on: December 05, 2019, 03:56:36 AM »
ON Progressive is recognized as the sponsor and is invited to speak on this bill.
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Pericles
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« Reply #5 on: December 09, 2019, 01:15:28 AM »
ON Prog?
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Pericles
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« Reply #6 on: December 12, 2019, 04:00:53 PM »
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Pericles
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« Reply #7 on: December 27, 2019, 05:01:52 AM »
24 hours to object to the final vote motion.
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Pericles
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« Reply #8 on: December 28, 2019, 03:46:49 PM »
With no objection, a final vote has begun on this bill. Senators have 72 hours to vote Aye, Nay or Abstain.
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Pericles
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« Reply #9 on: December 31, 2019, 05:37:43 PM »
This bill has passed 5-0-0-1.
Aye; 5 (ON Progressive, Peanut, MB, PyroTheFox, North Carolina Yankee)
Nay; 0
Abstaining; 0
Not Voting; 1 (Devout Centrist)
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Pericles
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Posts: 17,211
« Reply #10 on: December 31, 2019, 05:38:58 PM »
Quote
Quote

CREDIT UNIONS ARE GOOD ACT

SECTION I: NAME
a. This act shall be known as the Credit Unions Are Good Act

SECTION II: REPEAL OF DUMB REGULATIONS
a. The regulation prohibiting federally regulated credit unions from purchasing mortgage servicing rights as an investment, including but not limited to mortgage servicing rights from other credit unions is hereby eliminated, provided the total assets of mortgage servicing rights held by any federal credit union does not exceed 20% of its total assets. 12 CFR 703.16 shall be amended accordingly.
b. The regulation prohibiting federally regulated credit unions from purchasing and holding their own account investment grade securities is hereby eliminated provided that the total assets of such securities held by a federally regulated credit union does not exceed 10% of its total assets. 12 CFR 703.14 shall be amended accordingly.
c. Any State law governing member business loan limitations for credit unions that conflict with a federal law governing federally-regulated credit unions are hereby preempted.

SECTION III: TIMING
a. This act shall take effect thirty (30) days after adoption.

House of Representatives
Passed the House of Representatives 7-0-1-1
X YE
People's Regional Senate
Passed 5-0-0-1 in the Atlasian Senate Assembled
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