IBA E-News 1-18-19
STATE GOVERNMENT RELATIONS
IBA Legislative Briefing and Reception
Registration is now open for the 2019 IBA Legislative Briefing and Reception, scheduled for Feb. 4, at the Hyatt Regency Indianapolis. As the first IBA grassroots advocacy event of the new year, this is a prime opportunity to get your bank involved in 2019. The briefing, conducted by the IBA Government Relations Team, will begin at 4:00 PM and include an in-depth discussion of current legislative issues. To register, click here!
New this year, we have added to the agenda an informative and entertaining discussion on Indiana politics with WFYI’s Indiana Week in Review team. Host Brandon Smith will cover the issues facing Indiana related to politics and policy, with insightful viewpoints from panelists Mike O’Brien, Ann DeLaney, Jon Schwantes and Niki Kelly.
FLD Day at the Statehouse
Register now for the 2019 FLD Day at the Statehouse, scheduled for March 12 at The Westin Indianapolis. This event is available to emerging leaders who are interested in becoming politically engaged and interested in being an advocate for banking in Indiana’s legislative environment. The event includes presentations on IBA lobbying and grassroots advocacy, visits with elected officials and access to the Indiana Statehouse. In addition to its informative agenda, the FLD Day at the Statehouse will also provide ample networking time to allow bankers to connect with peers. For more information, contact Josh Myers; to register, contact Susan Clark.
The Indiana General Assembly concluded its second week of work yesterday. Roughly 1,200 bills have been filed so far, with an additional 200 to 500 that are likely to be released shortly. The issues are wide-ranging, and the pace at the Statehouse is starting to pick up. The IBA GR team continues to review bills and will provide updates of notable bills in the coming weeks.
Tuesday evening Gov. Eric J. Holcomb delivered his State of the State address, in which he highlighted priorities for 2019: increasing teacher pay, hate crimes legislation, workforce development and uses for the $1 billion toll road money.
Author: Rep. Woody Burton, R-Whiteland
Summary: Urges the legislative council to assign to an interim study committee, for study during the 2019 interim, the topic of revisions to the UCCC. Sets forth issues for consideration by an interim study committee assigned this topic.
Latest action: The bill was heard in the House Financial Institutions Committee on Tuesday and was held for further consideration.
Author: Rep. Woody Burton, R-Whiteland
Summary: Amends the definition of “credit services organization” for purposes of the Indiana Code provisions governing credit services organizations to more closely align the definition with the definition of “credit repair organization” set forth in the federal Credit Repair Organizations Act. Makes a conforming amendment to the definition of “buyer” in the Indiana statute. Requires a credit services organization to do the following with respect to communications made by the credit services organization after June 30, 2019: (1) include the complete name and address of the credit services organization on all communications; and (2) include a statement identifying itself as a credit services organization on all communications. Specifies that a person who receives a communication that is made in violation of these requirements may bring a cause of action to recover damages under the statute.
Last action: The bill was heard in House Financial Institutions Committee on Tuesday and was held for further consideration.
Author: Sen. Randall Head, R-Logansport
Summary: Defines “designated representative,” “judicial proceeding” and “nonjudicial matter” for purposes of the trust code. Provides that a protective provision in a legacy trust prevents a creditor of the settlor from satisfying a claim from the settlor’s interest in the trust estate when the settlor is also a beneficiary of the trust. Authorizes the establishment of legacy trusts. Prescribes the procedures for establishing a legacy trust. Bars most claims against a legacy trust. Provides immunity to the trustees and advisers of legacy trusts, and to the professionals involved in establishing legacy trusts. Provides that the rule against perpetuities does not apply to legacy trusts. Adopts the Uniform Directed Trust Act, which allows for the terms of a trust to grant a person other than a trustee power over some aspect of the trust’s administration. Repeals a provision regarding duties and liabilities of a trustee under the control of a third person. Allows for the use of quiet trusts. Provides that an interested person may enter into a binding nonjudicial settlement agreement with respect to trust matters. Provides for nonjudicial account settlements.
Latest action: The bill has yet to be scheduled for a hearing.
FEDERAL GOVERNMENT RELATIONS
House leaders have selected new members for the House Financial Services Committee, according to press reports.
News reports indicated that returning Reps. Alma Adams (D-N.C.), Tulsi Gabbard (D-Hawaii) and Al Lawson (D-Fla.) will join the committee. They will be joined by freshman Reps. Cindy Axne (D-Iowa), Sean Casten (D-Ill.), Madeleine Dean (D-Penn.), Chuy Garcia (D-Ill.), Sylvia Garcia (D-Texas), Ben McAdams (D-Utah), Alexandria Ocasio-Cortez (D-N.Y.), Dean Phillips (D-Minn.), Katie Porter (D-Calif.), Ayanna Pressley (D-Mass.) and Rashida Tlaib (D-Mich.), along with Del. Michael San Nicolas (D-Guam).
Five freshman Republicans are set to join the committee: Anthony Gonzalez (R-Ohio), Lance Gooden (R-Texas), Denver Riggleman (R-Va.), John Rose (R-Tenn.) and Bryan Steil (R-Wis.).
Comptroller of the Currency Joseph Otting on Wednesday said he hoped that by next year there would be clarity for banks on how they can serve marijuana businesses. “Congress is going to have to act at the national level to legalize marijuana if they want those entities involved in that business to utilize the U.S. banking system,” Otting said. “If I’m a betting person, I’m like 25-30 percent maybe next year, but I would hope by 2020 we can get this issue resolved.”