Looming Government Shutdown
Federally, the week kicked off with a big advocacy win with Senator Marshall withdrawing his plans to offer the Credit Card Competition Act (CCCA) during the crypto bill mark-up in the Senate Agriculture Committee.
While this is a win and a testament to America’s Credit Unions-League credit union system, we are still hearing that Durbin is undecided on forcing a CCCA vote. This is still a fluid situation that we are watching.
As the week draws to a close, we are watching for any compromise to avoid a partial government shutdown as federal funding is set to expire at 12:01 a.m. on Saturday, Jan. 31.
According to Politico, leaders in both parties acknowledge time is short in a weather-compressed week, and any realistic outcome is likely to hinge on narrow concessions or executive actions rather than a wholesale rewrite of the stalled Homeland Security funding bill.
Tennessee Legislative Session Update
Twenty inches of snow were not to be had, but much of Tennessee certainly received more than enough winter weather to last a couple of seasons this weekend. While the General Assembly closed for the entire week, work is still happening in the background. We’re monitoring a few bills that have already been introduced and will preview them here.
We’re monitoring a bill (not yet introduced) that would change the requirements for charity beneficiaries. There is also legislation percolating that seeks to address issues arising from municipalities that do not accept the full amount of property taxes owed in cases of dispute. Some of you will remember a change to the amount of the homestead exemption allowed in Tennessee a few years ago—there’s a bill to update the law to include adult children who are intellectually and/or developmentally disabled in those exemptions.
We’ve also had conversations with relevant groups on new legislation seeking to clarify rules and procedures related to rounding, after the elimination of production for the penny.
And finally, there’s an administration bill allowing state chartered credit unions to use private insurance in some cases, as well as cleaning up language related to exam cycle length.
Legislative and Regulatory Forum Spots Available
We’ll talk about these and other in more depth at the Annual Legislative and Regulatory Forum on Monday. A few spots are still available if you are interested in attending!
Key Bills Moving Through the Mississippi Legislative Session
The 2026 Regular Session of the Mississippi Legislature has been underway for just over three weeks, with early attention centered largely on education policy. Several bills of interest are beginning to advance.
HB 2 – Mississippi Education Freedom Act
This comprehensive education reform package includes notable provisions to integrate financial literacy education into the public school curriculum. While the bill has generated some debate, it has successfully passed through key House committees and floor action and is now under discussion in the Senate.
SB 2714 and HB 1477 – Safe Deposit Box Escheatment and Unclaimed Property Reform
These companion bills aim to bring greater clarity and transparency to the handling of unclaimed safe deposit box property. The legislation outlines standardized procedures for notifying owners, reporting requirements, escheatment, and final disposition of contents. Both measures are currently being considered in their respective House and Senate committees. If enacted, the new requirements would take effect July 1, 2026.
As the legislative session continues to unfold, we will remain engaged and monitor these and other proposals that may impact Mississippi’s credit unions and the broader financial landscape. We will keep you informed as key developments occur and as these bills progress through the legislative process.
