Governor Polis Directs Legislature to Bring Bank Asset Purchase Bill in 2025 Session

Posted by Katie March on June 7, 2024

On Thursday, Governor Jared Polis signed HB 1351, the “Sunset Division Banking & Board” bill into law. He followed up with a signing statement outlining the Sunset process and the essential function the process provides for regulated industries in Colorado. The Sunset Review process is conducted annually by the Department of Regulatory Agencies (DORA) to ensure a balanced regulatory environment.

In his comments, he expressed his displeasure that the bill was passed without the recommendation that credit unions be authorized to purchase the assets and liabilities of state-chartered banks. He reiterated his support of this provision, noting “my administration stands behind in an effort to keep the state charter competitive.”

Additionally, Gov. Polis expressed his expectation for the General Assembly to act on a stand-alone bill on the asset purchase topic in the 2025 legislative session. He also directed both his office and DORA to convene interested parties in the interim to work toward an agreement on recommendations for a bill in the 2025 session. He also added in a line of general support for credit unions stating “From day one, my administration has championed employee and customer ownership models including employee stock ownership plans (ESOPs), co-operatives, and credit unions.”

GoWest will continue to be heavily involved in the process and work with the Governor’s office, DORA and all parties to bring forth favorable legislation.

Read the full statement here.

Posted in Advocacy on the Move, Colorado, Colorado Advocacy.