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credit unions

Bill to exempt Florida credit unions from regulations advances in Senate

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The Senate Banking and Insurance Committee approved SB 1620 Monday, a bill filed by West Palm Beach Democrat Bobby Powell that would exempt credit unions from regulation under the Florida Deceptive and Unfair Trade Practices Act. However, there were also discussions about rolling back federal consumer protections by President Donald Trump, leading Fort Lauderdale Democrat Gary Farmer to attempt a late-filed amendment. Farmer said common law fraud protects consumers only when someone makes an affirmative misrepresentation, and that recipient lies on that misrepresentation. If no statement is…

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Credit unions: A ‘winner’ worth picking

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Free market, corporate welfare, winners and losers. These phrases are uttered every day in the halls of the Florida Capitol while lawmakers are in Session; but, the reality is, government is, across many sectors of society, still in the business of picking winners and losers. One such instance where government picks winners and losers is in the fight between banks and credit unions over public deposits. For years, the credit unions have been seeking legislation that would allow them to…

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Patrick La Pine: Make 2017 the year for depository choice

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As private citizens, most of us are trying to make the best financial decisions for our family, which starts with where we bank and who we trust with our money.  And, it stands to reason that, as taxpayers, we would want our local government entities to do the same. Yet, Florida law does not allow for credit unions to accept deposits from local government entities and, instead, only allows for local governments to bank with commercial, for-profit banks. This means…

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Patrick La Pine: Here’s one way to help Americans: Repeal the Durbin Amendment

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This election season, we rarely get a chance to talk about policy issues that don’t go viral on social platforms. But that doesn’t make it any less important to highlight these issues — especially when Washington is making decisions that affect your wallet. Six years ago, a lot of people were debating our financial system and making rules for Wall Street, hoping to bring about more of what was good for Main Street. Unfortunately, some special interests used the crisis…

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Florida Bankers’ attacks on credit union plan are pound foolish

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Last week the Florida Bankers Association released a sheet of talking points aimed at coalescing opposition around state Sen. Rene Garcia‘s legislative initiative — SB 1154 —  that would allow credit unions to accept deposits from public sources. The bankers’ document paints the member-owned cooperatives as avaricious monsters feeding at the public trough, though the FBA’s own members — giants like Bank of America, SunTrust, Wells Fargo and J.P. Morgan Chase are represented on their board — currently profit massively off of deposits originating from taxpayers, partly owing…

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