Last week, the 112th Tennessee General Assembly returned for its 2022 session. The prevailing view around the legislature is that this year will predominately revolve around adjusting the main formula that controls education funding for the state. Leadership is anticipating the required business will take roughly three and a half months with a view to adjourn at the end of April or the beginning of May.
On the credit union front, we are continuing to work to defeat legislation that will remove state and local sales tax from the calculation of interchange fees. We’re also tracking a needed change related the contracts involving the U.S. Dollar London Interbank Offered Rate. Finally, there is some interest from the House Commerce committee on taking a closer look at money transmissions using peer to peer networks such as Venmo and PayPal. While we don’t anticipate, at this point, legislation on this topic that would impact credit unions, we’ll continue to monitor any bill that gets filed.
As a reminder, our annual Legislative/Regulatory Forum is next week at the Hermitage Hotel in Nashville. There’s still time to register for that event!
Don’t forget that the 2022 CUNA GAC is BACK and will take place February 27 – March 3.