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Legislative Update with Jay Kruse by Jay Kruse, Chief Advocacy Officer Good Morning! With the House in recess this week, legislative activity has slowed down a bit in Washington. However, late last week the House Financial Services Committee held a hearing with prudential regulators entitled, “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions.” This hearing included five-minute testimony from NCUA Chairman Todd Harper and addressed a variety of proposed legislation including the Expanding Financial Access for Underserved Communities Act and the NCUA Oversight of Third Party Vendors Act. The Expanding Financial Access for Underserved Communities Act expands the definition of an “underserved area” to any area more than ten miles away from a financial institution and allows all FCUs to add underserved areas to their field of membership. This Act would also exempt business loans made in underserved areas from the MBL cap. The NCUA Oversight of Third Party Vendors Act would grant the NCUA oversight of all credit union service organizations (CUSOs) and other service providers. Chairman Harper also addressed the NCUA’s response to the COVID-19 pandemic and how he expects the industry to respond over the next few years. He responded to Chairwoman Waters’ concern over credit unions offsetting stimulus payments, stating he believes credit unions have been responsive and stepping up to eliminate the problems related to garnishments and offset. Marijuana Interim Study Committee Meets Today This morning, the Marijuana Interim Study Committee, a special legislative committee made up of 24 members, will hold their first meeting of the 2021 interim followed by another tomorrow. The meeting is being conducted virtually at 9:30 a.m. in Room 414 of the State Capitol in Pierre, to allow for both remote and in-person participation. The committee will study both recreational and medical marijuana use with its scope reading, “We in the legislature will be seeing this product in all its forms and uses in the not distant future. Let’s get unbiased (or both sides) sources of information to create the best system that works for our state.” These discussions are crucial as the state looks to implement a safe and effective medical marijuana program and awaits the SD Supreme Courts ruling on Amendment A which would also legalize the recreational use of marijuana. Those presenting to the committee will include the National Conference of State Legislatures, SD Municipal League, Flandreau Santee Sioux Tribe, state medical associations, state Department of Health and Revenue, and law enforcement officials. You can follow along with both meetings online here. As always, don't hesitate to contact me at jkruse@dakcu.org with any questions or comments.
Legislative Update with Jay Kruse
by Jay Kruse, Chief Advocacy Officer
Good Morning!
With the House in recess this week, legislative activity has slowed down a bit in Washington. However, late last week the House Financial Services Committee held a hearing with prudential regulators entitled, “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions.” This hearing included five-minute testimony from NCUA Chairman Todd Harper and addressed a variety of proposed legislation including the Expanding Financial Access for Underserved Communities Act and the NCUA Oversight of Third Party Vendors Act.
The Expanding Financial Access for Underserved Communities Act expands the definition of an “underserved area” to any area more than ten miles away from a financial institution and allows all FCUs to add underserved areas to their field of membership. This Act would also exempt business loans made in underserved areas from the MBL cap. The NCUA Oversight of Third Party Vendors Act would grant the NCUA oversight of all credit union service organizations (CUSOs) and other service providers.
Chairman Harper also addressed the NCUA’s response to the COVID-19 pandemic and how he expects the industry to respond over the next few years. He responded to Chairwoman Waters’ concern over credit unions offsetting stimulus payments, stating he believes credit unions have been responsive and stepping up to eliminate the problems related to garnishments and offset.
Marijuana Interim Study Committee Meets Today
This morning, the Marijuana Interim Study Committee, a special legislative committee made up of 24 members, will hold their first meeting of the 2021 interim followed by another tomorrow. The meeting is being conducted virtually at 9:30 a.m. in Room 414 of the State Capitol in Pierre, to allow for both remote and in-person participation.
The committee will study both recreational and medical marijuana use with its scope reading, “We in the legislature will be seeing this product in all its forms and uses in the not distant future. Let’s get unbiased (or both sides) sources of information to create the best system that works for our state.”
These discussions are crucial as the state looks to implement a safe and effective medical marijuana program and awaits the SD Supreme Courts ruling on Amendment A which would also legalize the recreational use of marijuana.
Those presenting to the committee will include the National Conference of State Legislatures, SD Municipal League, Flandreau Santee Sioux Tribe, state medical associations, state Department of Health and Revenue, and law enforcement officials. You can follow along with both meetings online here.
As always, don't hesitate to contact me at jkruse@dakcu.org with any questions or comments.