How quickly time passes! We are more than one-third of the way through the Colorado legislative session, and as of Feb. 25, 442 bills have been introduced. While this may seem like a lot, we have not seen nearly all the bills we are anticipating. And while the road ahead remains bumpy, rest assured the Colorado Bankers Association is diligently monitoring every word of every piece of legislation that may affect our industry, today and tomorrow. Here are just a few of the bills that we’re watching closely:
Credit unions are seeking a change to allow them to accept deposits from government entities, including cities, counties and municipal districts. Credit unions also seek to expand operations beyond their common bond to provide loans to public entities. We have received a draft bill proposing these actions, and we anticipate its introduction in early March. The CBA team has been working to garner broad opposition to this bill. Thank you to those bankers who have been advocating against these flawed policies. I also thank the CBA staff for its diligence in attacking this attempt by the credit unions to expand an already inequitable business advantage.
On the affordable housing front, the Colorado Housing and Finance Authority (CHFA), under the Colorado Affordable Tax Credit program, is already allowed to allocate income tax credits in an annual aggregate amount of up to $10 million until Dec. 31, 2024. House Bill 22-1051 extends this period to Dec. 31, 2034, and increases to $15 million the annual aggregate cap for the years beginning Jan. 1, 2023, and ending Dec. 31, 2034. The CBA supports this legislation to promote additional affordable housing options.
Another bill, Senate Bill 22-86 (also referred to as the Homestead Act), expands the limits on homestead exemptions, changes the definition of a dwelling and removes the requirement for commingling of funds. CBA’s staff is working closely with the proponents of this legislation, the bill sponsors, and a coalition of interested parties to amend the legislation to address commingling of exempted funds as well as adjustments to the exempted amounts.
Finally, the CBA is closely monitoring legislation to replenish the state unemployment fund. One bill has been introduced, and we anticipate the introduction of additional legislation to address this critical business issue.
Again, this is only a sample of the myriad legislation in the current session. If you have questions, do not hesitate to contact the CBA team.
