HB 19-48: Credit Unions are Good Act (Passed)
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  HB 19-48: Credit Unions are Good Act (Passed)		 « previous next »
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Author Topic: HB 19-48: Credit Unions are Good Act (Passed)  (Read 1409 times)
At-Large Senator LouisvilleThunder
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Junior Chimp
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« Reply #25 on: September 23, 2019, 04:20:42 AM »
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Poirot
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« Reply #26 on: September 23, 2019, 04:13:07 PM »
aye
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fhtagn
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« Reply #27 on: September 23, 2019, 05:01:54 PM »
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RC
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« Reply #28 on: September 24, 2019, 11:06:39 AM »
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P. Clodius Pulcher did nothing wrong
razze
Junior Chimp
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« Reply #29 on: September 24, 2019, 03:06:07 PM »
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Attorney General & PPT Dwarven Dragon
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« Reply #30 on: September 24, 2019, 07:20:38 PM »
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« Reply #31 on: October 04, 2019, 12:49:30 PM »
Passes 7-0-1, will certify when I get home (not sure when).
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YE
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« Reply #32 on: October 09, 2019, 12:33:39 AM »
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
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