February 2, 2024
The Senate began its week with an all-night filibuster Monday when a senator objected to one of Gov. Mike Parson’s appointees to a state commission and held the floor for nearly 16 hours, with some help from a few colleagues. All gubernatorial appointments were eventually approved Tuesday morning, removing one bargaining chip in negotiations between the two factions of Republicans in the upper chamber. The Senate went about its business after reconvening Wednesday.
Because of the filibuster, all Senate committee hearings scheduled for Tuesday were canceled, including the Insurance and Banking Committee. Several bills supported by MBA were scheduled to be heard or voted on in that committee and are now delayed by a week.
MBA-Supported Measures Continue to Move Forward
Progress was made in the House this week on MBA-supported legislation. House Bill 1803 sponsored by Rep. Terry Thompson, R-Lexington, would increase the amount the state treasurer may invest in the MOBUCK$ program from $800 million to $1.2 billion. It received final approval by the House Financial Institutions Committee and needs one more committee vote before going to the House floor for debate.
Legislation to allow banks to pass through the cost of credit reports for consumer loans and to clean up two banking provisions moved forward. House Bill 2086, sponsored by Rep. Michael O’Donnell, R-St. Louis, was approved by the House Committee on Consent and Procedure.
House Panel Discusses Updates to Money Transmitter Law
The House version of the money transmitter law update, House Bill 1478, was heard in the House Financial Institutions Committee. The model language proposed by the Conference of State Bank Supervisors is supported by MBA and the Missouri Division of Finance. The bill, sponsored by Rep. Brad Christ, R-St. Louis, would modernize and create consistency among state regulation of payments providers.
MBA Testifies on High School Financial Courses
MBA testified in support of a bill that would create a working group to set curriculum standards for high school personal finance courses. The working group would include teachers and banking industry professionals, among others, and would ensure students receive instruction that is up-to-date and reflects current best practices. House Bill 1727, sponsored by Rep. Michael O’Donnell, R-St. Louis, was heard in the House Committee on Elementary and Secondary Education.
Target Bankers Key to Defeat Credit Union Expansion Bill
Bills to expand credit unions’ field of membership have not moved forward yet, but the credit union association has been meeting with legislators each week. Bankers need to connect with their state lawmakers — at home or in Jefferson City — to be sure they understand the implications of this bill that would give credit unions an even greater advantage when competing with banks.
“Credit union employees and members have been in the Capitol every week telling lawmakers that banks oppose these bills because they are afraid of competition,” said MBA Vice President Emily Lewis. “Bankers need to fight back and educate their legislators on the unlevel playing field caused by the credit unions’ federal tax exemption.”
MBA highly encourages bankers to participate in its Target Banker program this session. Target Banker visits to the Capitol begin Tuesday and continue through April.
“Our Target Banker visits make it easy for bankers to schedule a day at the Capitol to learn about key banking bills and advocate on behalf of your bank with the support of our staff,” Lewis said. “The more bankers participate, the more it amplifies our message to lawmakers.”
Target Banker visits are held Tuesdays and Wednesdays during the months of February, March and April.