SF 458: Relating to eligibility requirements for financial institutions in which public funds may be deposited

What it does

This bill repeals Code section 12C.6A, which prohibits public funds from being deposited in a financial institution that does not demonstrate a commitment to serving the needs of the local community in which the institution is chartered to do business, requires the treasurer of state to create a list of financial institutions that are eligible to accept public funds, creates requirements for such financial institutions relating to public comments and annual submissions to the treasurer of state, and establishes a process for challenging an institution’s eligibility to receive public funds.

Senate subcommittee · named January 28, 2025

• Sen. Doug Campbell (R) · doug.campbell@legis.iowa.gov
• Sen. Tony Bisignano (D) · tony.bisignano@legis.iowa.gov
• Sen. Jeff Reichman (R) · jeff.reichman@legis.iowa.gov

Lobbying · 3 for, 0 against

For: Community Bankers of Iowa; Iowa Bankers Association; Iowa State Treasurer's Office

In plain words

1. January 28, 2025Filed in the Senate and sent to the State Government committee · as SSB 1061
2. January 28, 2025Senate subcommittee named: Campbell, Bisignano and Reichman · as SSB 1061
3. February 19, 2025Subcommittee recommended passing it with changes · as SSB 1061
4. February 26, 2025Approved by the Senate committee, and given a new number: SF 458 · as SSB 1061
5. February 27, 2025Filed in the Senate
6. February 27, 2025Approved by the Senate committee
7. April 7, 2025Withdrawn