HF 131: Relating to matters under the purview of the credit union division of the department of commerce

What it does

This bill relates to matters under the purview of the credit union division of the department of commerce. The bill modifies the amount of securities that a credit union may manage for the benefit of a public officer from 110 percent to 100 percent of the total deposits of public funds, less the amount of deposits that are federally insured. The bill provides that a public officer shall obtain security for a deposit in excess of the amount federally insured by acquiring a nontransferable letter of credit from the United States, an agency or instrumentality of the United States, a national cooperative bank, federal home loan bank, any corporate credit union whose capital level remains well-capitalized, or any other entity approved by the treasurer of the state.

Senate subcommittee · named March 14, 2023

• Sen. Mike Bousselot (R) · mike.bousselot@legis.iowa.gov
• Sen. Eric Giddens (D)
• Sen. Mike Klimesh (R) · mike.klimesh@legis.iowa.gov

Lobbying · 3 for, 2 against

For: Iowa Credit Union League; Iowa Institute for Cooperatives; TruStage/CMFG Life Insurance Company

Against: Community Bankers of Iowa; Iowa Bankers Association

In plain words

1. January 17, 2023Filed in the House and sent to the Commerce committee · as HSB 35
2. January 17, 2023House subcommittee named: Mohr, G., Kniff McCulla and Kressig · as HSB 35
3. January 18, 2023House subcommittee named: Mohr, G., Bagniewski and Kniff McCulla · as HSB 35
4. January 18, 2023Subcommittee recommended passing it · as HSB 35
5. January 24, 2023Approved by the House committee · as HSB 35
6. January 26, 2023Filed in the House
7. January 26, 2023Approved by the House committee, and given a new number: HF 131 · as HSB 35
8. March 6, 2023Passed the House, 86–3
9. March 7, 2023Sent to the Senate Commerce committee
10. March 14, 2023Senate subcommittee named: Bousselot, Giddens and Klimesh
11. March 6, 2024Approved by the Senate committee
12. March 18, 2024Passed the Senate, 46–4
13. March 25, 2024Passed the House, 83–9
14. April 18, 2024Passed the Senate, 45–1
15. April 29, 2024Sent to the Governor
16. May 1, 2024Signed into law