Katie BaileyEvery year, The League pushes for improvements via state charter enhancements across The League’s footprint to promote federal parity and to ensure credit unions are best equipped to serve their members. This year, legislation has been introduced in Florida as a result of collaboration with the Office of Financial Regulation (OFR) and input from many credit unions, aimed at modernizing regulations and reducing unnecessary burdens. While we have more to work towards, these changes demonstrate meaningful progress in strengthening the Florida credit union charter.
Highlights of HB 1549 / SB 1612 for Credit Unions:
- OFR Fee Assessments: Extending the assessment payment deadlines by 60 days reduces the need for estimated payments and adjustments, saving time and administrative effort.
- Approval Certifications: The OFR will now have a process to certify completed transactions, providing credit unions with necessary documentation for mergers and acquisitions.
- Credit Union Board Reimbursements: Codifying the ability to reimburse board and committee members for necessary expenses, ensuring that volunteers are supported in their roles.
- Removal of Regular Reserve Requirements: Eliminating this outdated requirement brings Florida-chartered credit unions in line with federally chartered credit unions, allowing them to utilize their earnings better.
At just over the halfway point of Florida’s Legislative Session, the bill is slated to head to the House Floor but is still working through the committee process in the Senate. We will keep you up to date on any changes.
If you have any questions, please reach out to Christopher Hodge at Christopher.Hodge@the-league.coop.
