ID Governmental Affairs Committee Summary

We just wrapped up our third Idaho Governmental Affairs Committee meeting in Boise, ID. With a full agenda and much to discuss, it was our great pleasure to welcome Bob Sonnichsen, State Director for Senator Mike Crapo. Senator Mike Crapo chairs the Senate Banking Committee which is hugely important in setting the direction for financial institutions at the federal level. Sonnichsen shared about the importance of S.2155-Economic Growth, Regulatory Relief, and Consumer Protection Act and the continued efforts to help bring regulatory relief. Of note are the positive results indicated in the economy due to an improved regulatory environment.

Sonnichsen expressed  continued data privacy concerns which were recently discussed during Facebook’s recent testimony regarding its cryptocurrency announcement. Also in view were affordable housing concerns as Idaho’s population continues to grow. Finally, Sonnichsen discussed the recent SAFE Banking Act hearing on July 23. Your Association was on site and you can read more about that hearing here. We”d like to thank Bob for his time and willingness to come and join us. We look forward to continued partnership. 

Our next guest was Lynn Ciani, the Chief Risk Officer at Numerica Credit Union. She shared with Idaho credit union leaders about the challenges associated with cannabis banking and how Numerica has been able to service accounts and appropriately assess risk. As Idaho is surrounded by states that have either legalized recreational marijuana or medical marijuana, it is increasingly important for credit unions to be aware of not just primary businesses or members that may have some sort of cannabis related deposits but to also be aware of ancillary businesses that may be providing services to cannabis related businesses. Her key insights and expertise on this topic were greatly appreciated.

The Idaho Governmental Affairs Committee continues to be a dynamic forum for discussing important credit union issues both at the state and federal levels. We greatly look forward to our next meeting. 

Posted in Advocacy on the Move.