Credit union legislation passes Florida House subcommittee

Credit unions in Florida got good news from the House Insurance and Banking subcommittee. A bill to clarify what information Florida’s Office of Financial Regulation (OFR) can share with the Federal Home Loan Bank in order to clear the way for state chartered credit unions to enter their mortgage purchasing program that allows member credit […]

florida-state-capitolCredit unions in Florida got good news from the House Insurance and Banking subcommittee. A bill to clarify what information Florida’s Office of Financial Regulation (OFR) can share with the Federal Home Loan Bank in order to clear the way for state chartered credit unions to enter their mortgage purchasing program that allows member credit unions to sell mortgages into the secondary market in a more efficient and cost-effective manner has passed the House Insurance and Banking subcommittee.

HB 1233 by Rep. Cynthia Stevenson (R-St. Johns) amends current law to allow OFR to share examination reports with FHLBank Atlanta under an information sharing agreement that would need to be entered into by August 1, 2016. FHLBank Atlanta has similar information sharing agreements with other states. The bill now moves to the Government Operations Appropriations Subcommittee. The Senate bill, SB 1490 by Sen. Rene Garcia (R-Hialeah), will be heard in its first committee soon.

Credit unions are encouraged to attend the Florida State GAC Feb. 2-3 in Tallahassee to help get this bill passed.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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