We’re officially off to the races in the 2024 legislative year! This is sure to be a full and interesting year with election season fully upon us. Your League’s Advocacy Team is in Nashville and Washington fighting for you and your members daily. Here’s what we’re expecting as the legislators come back to town.
State Level
The Tennessee General Assembly gaveled back in on Tuesday, Jan. 9. Your League was there for the first moments of the 2024 legislative session and will follow all the issues until sine die.
Matt Coniglio was selected to serve on the Tennessee Lobbyist Association Board and will be a great representative for the League in Nashville. We’re expecting a very active session with quite a few issues to stay on top of. We’ve been told that state-level interchange legislation is likely to not be an issue this year, but we will keep our eyes out.
Senator Massey will be bringing back our Elder Abuse Hotline bill and we are hoping for success this year. We will be keeping an eye on the ESG and Anti-ESG bills that may be introduced, we expect at least one or two this session.
Cryptocurrency is also on the table this year as a bill to allow banks and credit unions to serve as depositories will be introduced similar to legislation passed recently in Louisiana that we are in favor of.
Federal Level
In Washington, Congress is back in session and we’re keeping up there too. We’re expecting a new Senate version of the Board Modernization Bill to be introduced soon with Senator Hagerty still serving as a lead on that legislation.
Our legislation to require the CDFI Director to testify before Congress is still active and we are hoping for that to get some traction in 2024. We’re following bills on loan maturity limits, and of course, keeping a very close eye on the Credit Card Competition Act. We’ve heard rumors that it might get a hearing in the Senate soon, but we haven’t seen anything on the calendar yet.
As you know, NCUA Board Member Tanya Otsuka began her time on the NCUA board last week. Chairman Harper is no longer a minority Chairman, but now has his second vote and we will be watching things like third-party vendor authority and climate closely at NCUA. NCUA is also expected to continue its scrutiny of credit, union fair lending compliance, particularly in the week of the national publicity regarding alleged discriminatory mortgage lending practices. Look for NCUA examination priorities to focus on this topic, when they are issued later this winter, particularly in the wake of national publicity.
Learn More
Please reach out to Sarah or Matt with any questions on any of these issues!
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