Happy Friday and happy weekend-before-GAC! Here’s an update to the latest happenings in Nashville, Tenn. and Jackson, Miss.
Tennessee Legislative Update
While much of the focus will be on Congress next week, the Tennessee General Assembly forges ahead. Here’s a quick recap of what’s coming up in Nashville.
Our credit union update bill (HB2537/SB1870) passed unanimously in the Senate and will start its journey in the House Banking Subcommittee this coming week on Wednesday.
Legislation to regulate Crypto ATM kiosks (HB2505/SB2251) will also begin its journey next week with the bill up in both Senate Commerce and House Banking.
And a bill to define digital assets (HB1800/SB1859) for the Uniform Commercial Code, allow financial institutions to hold them and also use them for collateral has already passed in Senate Commerce and House.
Banking will be in the House Commerce Committee on Tuesday morning.
In other news, Lieutenant Governor Randy McNally announced on the Senate floor yesterday that he would not seek reelection in November to his Senate seat. McNally has served as Lieutenant Governor since January 2017.
Mississippi Legislative Update
Several bills we have been monitoring are continuing to move through the Mississippi Legislature, including measures related to unclaimed property, cybersecurity protections and financial education.
Unclaimed Safe Deposit Box Act
A comprehensive bill addressing abandoned safe deposit boxes is progressing. The bill modernizes how credit unions handle delinquent safe deposit box accounts, requiring timely notification to lessees and establishing clear procedures for inventory, storage, and transfer of unclaimed contents to the State Treasurer. The Senate committee advanced the House version of the bill yesterday. The measure now heads to the full Senate for a floor vote, which is expected to take place in about a week. If enacted, the law would apply retroactively and is scheduled to take effect July 1, 2026.
Support for HB1220: Cybersecurity Standards
We recently added our name to a letter sent to Lt. Governor Delbert Hosemann and Speaker Jason White in support of HB1220. The measure would provide liability protections for credit unions that implement and maintain recognized cybersecurity standards, helping to bolster security for both members and credit unions.
Financial Literacy Education
The financial literacy bill remains active this session. If passed, it will integrate financial literacy instruction into Mississippi’s public school curriculum for grades 6–12 and require completion of a personal finance course for high school graduation. This measure aims to equip students with essential life skills in money management and financial decision-making. The financial literacy bill now faces an uphill battle after being double-referred to both the Education Committee and the AET Committee. This additional committee assignment significantly narrows the timeline and increases the hurdles the bill must clear in order to advance this session.
