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CO SB080
Bill
AI Summary
- Authorizes credit unions to purchase all or substantially all assets and liabilities of a Colorado state bank, including individual departments or branches
- Limits the banking board to approving a maximum of 5 such credit union purchases per year
- Requires prospective credit union purchasers to conduct and submit analyses on anticipated impacts to small business and agricultural lending before approval
- Requires analysis of the credit union's current and anticipated lending data for low- and moderate-income areas, demonstrating the purchase will meet community needs
- Analyses must be reviewed by the Department of Regulatory Agencies and made publicly available, except for trade secrets and privileged information protected under the Colorado Open Records Act
Legislative Description
Allow Credit Union to Purchase Bank Assets
Financial Services & Commerce
Last Action
Senate Committee on Finance Postpone Indefinitely
3/4/2025
Committee Referrals
Finance1/23/2025
Full Bill Text
No bill text available