The Nebraska Legislature is one-third of the way through the second session of the 106th Legislature. In the first ten days of the session more than 400 legislative bills and resolutions were introduced by Senators. That’s in addition to the more than 400 carryover bills from the previous 2019 session.
Going into the session, there were several key issues that were debated last session but fell short of getting passed including property tax reform and a business incentive package. These same issues are top of mind to many in the legislative body but they have a short window to get them done.
There were three bills that the League has highlighted this session.
–LB 909 is the wild card or parity bill that provides state-chartered credit unions with the same powers, rights, and privileges as federal credit unions.
–LB 853 aims to help prevent elder financial abuse by allowing financial institutions to delay certain transactions if they reasonably believe that elder abuse is taking place.
–LB 746 would create the Nebraska Consumer Data Privacy Act. The bill is based from California’s privacy law. Financial institutions, including credit unions, that are under the Gramm-Leach-Bliley Act (GLBA) are exempted in the bill.
In recent days, the Banking, Commerce, and Insurance Committee advanced LB 909 to General File or the first round of floor debate and they included an amendment that would place the provisions found in LB 853 in LB 909. “We are pleased that Chairman Williams and the Banking Committee have merged the provisions found in 853 and 909. We are hopeful that the Legislature will quickly pass LB 909 with the Committee amendment” said League chief advocacy officer Brandon Luetkenhaus.
Click HERE to see the bills that the League is following this session.