TALLAHASSEE, Fla. (3/6/14)--Patrick La Pine, president/CEO of the League of Southeastern Credit Unions (LSCU), provided an overview of Florida credit unions' state legislative agenda in a March 4 Palm Beach Post op-ed piece.
La Pine addressed four issues in his commentary: Public deposits, data security, financial literacy and the Florida Credit Union Act.
Last year, Florida legislators did not consider proposed bills that would have granted credit unions the ability to accept public deposits. "As the 2014 session gets under way, the credit union association is committed to vigorously advocating for any proposal that would bring Florida in line with 33 other states that allow credit unions to accept public deposits and spur competition among eligible public depositories," La Pine wrote.
In the wake of the Target data breach, Florida credit unions are also committed to advocating for reform laws on data security and protection of personal information, La Pine said. "The association intends to advocate for legislation that would work to protect card issuers and financial institutions from data breaches that may result from negligent retailers that fail to maintain security protocols to access devices," La Pine wrote. "The association also supports any effort to require retailers to notify consumers if and when any data breach incident has occurred."
The league also seeks to improve Chapter 657, the Florida Credit Union Act, to help reduce over-regulation and maintain the safety and soundness of all credit unions, La Pine wrote.
Regarding financial literacy, LSCU supports legislation in both the Florida House and Senate that would require high school students to earn a half-credit in financial literacy to qualify for graduation.
To read the full commentary, use the link.