Big Day in Colorado Advocacy: Advancing Key Legislation and Sharing Valentine’s Day Messages

Posted by Katie March on February 14, 2024

Credit union advocates helped to deliver an important win in advocacy Wednesday, thanks to robust messaging sent to legislators and a big showing at the House Business Affairs and Labor Committee hearing. The committee voted to advance legislation by the Colorado Department of Regulatory Agencies (DORA), which includes an option for credit unions to be able to purchase banks that want to sell to them.

Testimony by Colorado CU leaders was on point and helped to drive a 7-4 vote to keep the bank asset recommendation in DORA’s bill. The bankers’ testimony was another matter, though! Inaccurate statements included claims that credit unions don’t pay taxes, that commercial and small business lending would evaporate if a CU bought a bank, that credit unions should be subject to CRA reporting requirements, that they did not make PPP loans during the COVID crisis, and that they’re not subject to the Bank Secrecy Act.

We have a lot of work to do before the committee’s next hearing. We will need to win over the rest of the House and then the Senate as this legislation advances.  THANK YOU to all the advocates who helped with this monumental effort so far. Look for more information on next steps soon.

Legislators Felt CU Love

Since we were in the capitol building and it was Valentine’s Day, we were excited to drop off cookies and cards to lawmakers, making sure they know why 2.5 million Coloradoans love credit unions!  (Pictured: Rep. Meghan Lukens).

We hope to see you at Credit Union Day at the Capitol Feb. 22.

Posted in Advocacy on the Move.