2022 Key Legislative Information

 



 


We Need Your Help TODAY

State Representative Kyle Mullica & State Representative Patrick Neville are proposing House Bill 22-1277 aimed at banks.
 
At issue is the definition of “financial institution.”  By re-defining credit unions as a “financial institution,” both credit unions and banks would be allowed to hold public funds – but not on a level playing field. Expanding Credit Unions’ ability to hold public funds increases an already inequitable competitive advantage.
 

ACT NOW: Make Your Voice Heard

Contact the legislators on the House Business Affairs & Labor Committee and share your opposition to this bill TODAY! Follow the email links on the bottom of this alert.
 
Keep it Fair. Maintain a Level Playing Field.
  • ‚ÄčCommunity Banks pay income taxes. Credit Unions don’t.
    • The lowest income Colorado resident pays more in income taxes than the largest credit union
      • $0 = Federal Income Tax Paid by credit unions
      • $10,420 = Average Federal Income Tax Paid by Colorado resident.
  • Banks must adhere to a regulatory infrastructure. Credit unions are not held to the same standard.
  • The Community Reinvestment Act (CRA) – encourages banks to help meet the credit needs of the communities in which they are chartered, including low- and moderate-income (LMI) neighborhoods, consistent with the safe and sound operation of such institutions. Banks invest in Colorado and their local communities through loans and charitable contributions. Credit Unions do not have to adhere to the provisions of the CRA.
Banking Is Good Business for Colorado
  • Banks invest in Colorado - In addition to CRA, banks invest in the economy of Colorado and growth of our state.
    • In the third quarter 2021: Banks outpaced credit unions 2.5 times on business loans to support Colorado businesses and grow the economy.
Our Community Banks are a Community Asset. Don’t strangle Banks’ Ability to fund Economically Vital Lifelines.
  • Banks do 98% of the Agricultural and rural lending in Colorado.
  • Banks administered 80% of the small business PPP lending. Credit unions only did 2%. Do we really want to give CU’s deposits that banks use to fund those economically vital lifelines?
  • The Colorado banking industry provides safe and diverse banking choices in Colorado that generate tax revenues. In fact, there are 130 banks authorized to do business in Colorado with over 1400 branches in all four corners of the state. 
The Bottom Line: Colorado banks adhere to a strict regulatory framework that ensures public entities are never in danger of losing funds. That same framework also guarantees that funds held by banks are loaned back to local Colorado communities.  Credit unions do not and therefore should not be allowed to hold public funds.
 
LEARN MORE HERE.

 ACT NOW: Make Your Voice Heard
 
Contact the following legislators on the House Business Affairs & Labor Committee and share your opposition to this bill TODAY!
 
Call or email today:
 
Rep. Dylan Roberts
303-866-2923
Dylan.roberts.house@state.co.us
 
Rep. Tom Sullivan
303-866-5510
Tom.sullivan.house@state.co.us
 
Rep. Judy Amabile
303-866-2578
Judy.amabile.house@state.co.us
 
Rep. Shannon Bird
303-866-2843
Shannon.bird.house@state.co.us
 
Rep. Terri Carver
303-866-2191
Terri.carver.house@state.co.us
 
Rep. Monica Duran
303-866-5522
Monica.duran.house@state.co.us
 
Rep. Mike Lynch
303-866-2907
Mike.lynch.house@state.co.us
 
Rep. Kyle Mullica
303-866-2931
Kyle.mullica.house@state.co.us
 
Rep. Naquetta Ricks
303-866-2944
Naquetta.ricks.house@state.co.us
 
Rep. Shane Sandridge
303-866-2965
Shane.sandridge.house@state.co.us
 
Rep. Marc Snyder
303-866-2932
Marc.snyder.house@state.co.us
 
Rep. Tonya Van Beber
303-866-2943
Tonya.van.beber.house@state.co.us
 
Rep. Kevin Van Winkle
303-866-2936
Kevin.vanwinkle.house@state.co.us