Florida governor signs FHLBank bill

Friday afternoon, Gov. Rick Scott officially signed HB 1233 into law. This legislation, sponsored by Rep. Cyndi Stevenson (R-St. Augustine) and Sen. Rene Garcia (R-Hialeah), now requires the Florida Office of Financial Regulation (OFR) to enter into an information sharing agreement with the Federal Home Loan Bank (FHLBank) Atlanta. The agreement opens the door for […]

Friday afternoon, Gov. Rick Scott officially signed HB 1233 into law. This legislation, sponsored by Rep. Cyndi Stevenson (R-St. Augustine) and Sen. Rene Garcia (R-Hialeah), now requires the Florida Office of Financial Regulation (OFR) to enter into an information sharing agreement with the Federal Home Loan Bank (FHLBank) Atlanta. The agreement opens the door for state chartered credit unions to join the FHLBank Atlanta’s secondary market mortgage program, something they were unable to do prior due to OFR’s refusal to share examination reports with the FHLBank.

The legislation becomes effective July 1, 2016 and the agreement between OFR and FHLBank Atlanta must be executed by Aug. 1, 2016. HB 1233 was one of 68 bills the governor signed on Friday.

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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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