SSB 1099: SSB 1099

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 January 31, 2023

• Sen. Cherielynn Westrich (R) · cherielynn.westrich@legis.iowa.gov
• Sen. Mike Bousselot (R) · mike.bousselot@legis.iowa.gov
• Sen. Eric Giddens (D)

Lobbying · 4 for, 2 against

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

Against: Community Bankers of Iowa; Iowa Bankers Association

In plain words

1. January 30, 2023Filed in the Senate and sent to the Commerce committee
2. January 31, 2023Senate subcommittee named: Westrich, Bousselot and Giddens
3. February 7, 2023Subcommittee recommended passing it with changes