FL moves bill to exempt CUs from lawsuits

Yesterday, the Florida House Insurance & Banking subcommittee voted unanimously to advance HB 1347, legislation that would exempt credit unions from lawsuits under the Florida Deceptive and Unfair Trades Practices Act (FDUTPA). ┬áThe bill, sponsored by Rep. Shevrin Jones (D-West Park), now moves to its only other committee of reference, the House Commerce Committee. The […]

Yesterday, the Florida House Insurance & Banking subcommittee voted unanimously to advance HB 1347, legislation that would exempt credit unions from lawsuits under the Florida Deceptive and Unfair Trades Practices Act (FDUTPA).  The bill, sponsored by Rep. Shevrin Jones (D-West Park), now moves to its only other committee of reference, the House Commerce Committee. The Senate companion legislation, SB 1620 by Sen. Bobby Powell (D-West Palm Beach) is expected to be up in the Senate Banking & Insurance committee next week.

With today’s regulatory environment becoming increasingly burdensome, exempting credit unions from dual exposure to lawsuits and penalties under both the Federal statutes and FDUTPA has become a priority.

The LSCU will continue to provide updates as both HB 1347 and SB 1620 move through the process.

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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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To create an environment that enables credit unions to grow and succeed.

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To be the trusted advocate and preferred source of information for credit unions.

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