SB 25-080

Senate Bill 25-080 allows credit unions in Colorado to buy assets and liabilities from state banks, with the approval of up to five such purchases per year by the banking board. Before a purchase is approved, the credit union must analyze how it will affect small business and agricultural lending, as well as its impact on low- and moderate-income communities. This information must be reviewed by a government agency and made public (excluding sensitive information). The bill has been signed into law, meaning that credit unions can now proceed with these types of transactions under the specified conditions.

Official Summary

The bill authorizes a credit union to purchase the assets and liabilities of a state bank. The banking board may approve up to 5 purchases by credit unions per year. Prior to approving a purchase, a prospective credit union purchaser must conduct an analysis of the anticipated impacts to small business and agricultural lending and the intended prospective credit union purchaser's current and anticipated lending data for low- and moderate-income areas, including demonstrating that the purchase will meet the needs of the community. The analyses shall be reviewed by the department of regulatory agencies and made available to the public; except that any trade secrets or other privileged information protected by the "Colorado Open Records Act" incorporated into the analyses shall not be made publicly available.(Note: This summary applies to this bill as introduced.)

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