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Minutes for HB2561 - Committee on Financial Institutions and Insurance
Short Title
Authorizing domestic credit unions to operate outside of the state, providing civil penalties for certain violations, allowing the administrator to enter into informal agreements, removing requirements regarding duplicate filings, establishing appeals procedures for suspended credit and supervisory committee members and requiring the members of a merged credit union to approve such merger.
Minutes Content for Wed, Feb 28, 2024
Chairperson Longbine opened the meeting by greeting members, conferees, and guests. It was noted that Senators Gossage, Warren, and Tamera Lawrence, Sr. Assistant Revisor, Revisor of Statute's Office, attended the meeting virtually via Webex. He then opened the hearing on HB2561.
Eileen Ma, Assistant Revisor, Revisor of Statutes Office (ROS), presented the Revisor's Memorandum brief and stood for questions. There were none. (Attachment 1)
Gail Bright appeared on behalf of Julie Murray, Kansas Department of Credit Unions (KDCU) in support of the bill, which was requested by Michael Murray with the Kansas Credit Union Association (KCUA). Ms. Bright related that KDCU had formed a working group with other state-chartered credit unions to review the Kansas Credit Union Code. Their goal was to ensure that the statutes were appropriate and up-to-date for the current business environment, while still providing necessary guidance to ensure safety and soundness of the credit union. (Attachment 2) Ms. Bright answered questions from Senators Fagg and Holscher.
Greg Winkler, President/CEO, Azura Credit Union, Topeka, Kansas, presented oral testimony in support of HB2561. Mr. Winkler told members that this legislation would modernize the statutes pertaining to state-chartered Kansas credit unions by simplifying the merger process; clarifying the enforcement authority of our state regulator; and removing the barriers of operating solely within state boundaries. (Attachment 3)
There being no other questions or discussion, and no other proponent, opponent, or neutral testimony was submitted, Chairperson Longbine closed the hearing on HB2561.
The meeting adjourned at 9:50 am. The next scheduled meeting is Thursday, February 29, 2024, in Room 546-South of the Capitol.
