Lizeth GeorgeAs we start the summer season, the League of Southeastern Credit Unions (LSCU) is excited to celebrate a successful state legislative session season, with the Alabama legislature adjourning Sine Die June 6th.
Our most significant victory this session was the passing of HB164, which will bring financial literacy coursework to high school career prep classes. Defensive advocacy was just as important this year as the LSCU successfully maintained the defensive position to keep state-level interchange regulations from advancing as well as any conversations around restricting banks from selling to credit unions.
The Florida legislature adjourned Sine Die May 5th, and despite a huge push from the retail lobby, credit unions led the way to defeat harmful interchange legislation this session. We mobilized a robust grassroots response coupled with a strong digital ad campaign that generated hundreds of direct messages to legislators and thousands of impressions online. Additionally, we were able to push public deposits legislation further than ever, getting the bill passed through the House.
Georgia was the first state to adjourn in late March, with interchange alive and well in the Peach State, setting the tone for what would follow in Florida. Credit unions and the LSCU, in conjunction with an on-the-ground payments coalition, worked tirelessly to defeat SB126, which would have prohibited interchange fees from being assessed on the sales tax portion of transactions made using credit and debit cards. Due to the collective grassroots mobilization from countless credit unions, we prevented the proposal from receiving a single vote. Additionally, the Annual Charter Modernization legislative package passed both chambers unanimously, and the LSCU worked with credit unions to approve the Department of Banking and Finance’s proposed rules of implementation.
We look forward to continuing to fight for credit unions and preparations are already underway to have another successful legislative session next year.
