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Bill

LC 3485

Generally revise banking and credit unions

2025 Regular Session

Broad overhaul of banking and credit union laws proposed, affecting banks, credit unions, regulators, and consumers; the measure died in process and did not become law.

(LC) Draft Died in Process
#financialinstitutions(seealso:credittransactions)
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Bill Summary · LC 3485

Summary of LC 3485: Generally revise banking and credit unions

Overview

  • Bill number: LC 3485
  • Title: Generally revise banking and credit unions
  • Classification/Subject: Financial Institutions (Credit Transactions)
  • Status: Draft; Died in Process (LC)
  • Introduced: December 14, 2024
  • Legislative Actions:
    • 2024-12-14: Drafter Assigned
    • 2025-05-27: Draft Died in Process

Note: The available information does not include the bill’s full text or explicit provisions. This summary highlights what is known and outlines typical areas such a revision might cover, along with who could be affected and how the process progressed.

Purpose and intent

  • The bill’s title indicates an aim to “generally revise banking and credit unions,” suggesting a comprehensive reform of laws governing banks and credit unions. The exact objectives, policy changes, and regulatory framework modifications are not provided in the available materials.

Key provisions and changes (not currently specified)

  • The specific reforms are not included in the summary. If a bill is described as a broad revision of banking and credit unions, it commonly might address:
    • Governance and licensing requirements for banks and credit unions
    • Supervision, examinations, and enforcement powers of regulatory authorities
    • Capital, liquidity, and safety-and-soundness standards
    • Consumer protection, disclosures, and lending practices
    • Mergers, affiliations, branching, and chartering processes
    • Electronic banking, cyber security, and data privacy
    • Fees, interest-rate practices, and disclosure requirements
    • Consumer dispute resolution and complaint handling
  • It is important to note that these are potential areas based on the bill’s broad title and are not confirmed in the provided text.

Who is affected

  • Banks and banks’ regulators: Potential changes to licensing, supervision, and regulatory requirements.
  • Credit unions and regulators: Possible revisions to governing provisions, member protections, and oversight.
  • Consumers and borrowers: Possible changes to disclosures, protections, and financial product terms.
  • Financial industry stakeholders: Banks, credit unions, industry associations, and legal/consulting professionals who help institutions comply with updated laws.

Procedural and timeline aspects

  • Introduction date: December 14, 2024
  • Drafter Assigned: December 14, 2024
  • Status update: Draft Died in Process on May 27, 2025
  • Meaning of “Died in Process”: The bill did not advance through the legislative process in the referenced period and is not likely to become law in its current form unless revived or reintroduced in a future session.

Notes for readers

  • The lack of the full bill text limits the ability to provide a point-by-point analysis of provisions, fiscal impact, or effective dates. For a precise understanding, the bill’s official text and fiscal notes (if released) would be needed.
  • If interest persists, monitor subsequent sessions for reintroduction, amendments, or related bills that may advance similar reform proposals.

Compiled from official sources — confirm details with the bill’s official record.

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