Meeting Public Comments

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SSB 1224

A bill for an act relating to financial institutions, including the assets, liabilities, and merger of state banks and state credit unions.(See SF 530.)

Agenda

Subcommittee members: Schultz-CH, Bisignano, Klimesh

Date: Monday, March 1, 2021

Time: 12:00 PM - 12:30 PM

Location: 217 Conference Room

Comments Submitted:

The purpose of comments is to provide information to members of the subcommittee.

Names and comments are public records. Remaining information is considered a confidential record.

03-01-2021

Kim Fettkether [Veridian]

SSB 1224 is intended to prohibit the ability for banks to sell to credit unions. The basis for this bill is to penalize credit unions in Iowa. However, what the bill does is harm banks, bank customers, rural Iowa and the premise of a free market. Iowa banks should have the ability to determine what is best for their shareholders and customers, and sell, merge or be acquired based on the criteria they set forth, and not be limited by government regulation. This bill is setting a bad precedent for free market economies and I urge you to vote against this bill.

03-01-2021

Rebecca Neades [GreenState Credit Union]

Senate Study Bill prohibits the sale of banks or bank assets to credit unions in Iowa. Iowa credit unions make great partners because we are memberowned, keep branches open, staff employed and those assets in the state. Unfortunately, what this bill is doing is pushing credit unions to move to a federal charter. It may be good for large banks but bad for Iowans.