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News Now

CU System
Kentucky bankers anti-CU bill still in committee
FRANKFORT, Ky. (3/13/08)--A banker-backed bill that would result in burdensome restrictions and limits on Kentucky's credit unions' branching efforts is stalled in a state legislative committee. "We've been led to believe it's stalled, and the bill could be dead, but there are a couple more weeks left (in the legislative session). Call me in about two weeks," said Debbie Painter, director of the Kentucky Credit Union League's government affairs. The bill, SB 89, was introduced in the Senate Banking and Insurance Committee in mid-January and is backed by the Kentucky Bankers Association. Under current law, credit unions and banks wishing to add or change a branch, service center or ATM must give notice of their intent to their regulator. The bill would apply "a ton of regulations" to the application process for credit unions, but not banks. It also would make credit unions' budget process part of the Open Records Act, Painter told News Now. She credited grassroots efforts by credit unions in keeping the bill in the committee. "They've really came through for us," she said.
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