Florida Senate Passes Legislation Updating Portions of State's CU Act

TALLAHASSEE, Fla. – The Florida Senate on March 31, unanimously passed a measure that updates portions of Florida's Credit Union Act to conform with the Federal Credit Union Act. SB 1330, sponsored by state Sen. Jeff Atwater (R-North Palm Beach) had been placed on the Senate's final passage calendar without discussion or debate. The vote on the measure was 38-0. In a hearing of the bill March 16 before the Senate Banking and Insurance, Atwater responded to objections raised by the Florida Bankers Association CEO Alex Sanchez concerning the bill's new definition of membership in state-chartered CUs. Atwater reminded committee members that the bill simply conformed state law to federal law. Otherwise, said the state legislator, state credit unions would be at a disadvantage with their federal counterparts. SB 1330 now goes to the state House of Representatives where a companion bill HB 1773 is working its way through the legislative process. A hearing was scheduled on the measure for last week before the House Civil Justice Committee.