February 5, 2021

Last Chance: Register Today MBA's 2021 Virtual Bank Day at the Capitol

MBA’s Virtual Bank Day at the Capitol

February 10, 2021

At Your Desk

On Wednesday, February 10th, join fellow bankers virtually for this year’s Bank Day at the Capitol to hear about current topics that impact the state.

Tentative Schedule

 

8:30 a.m. Welcome – Andy Noll, First Farmers and Merchants and MBA Chair

8:35 a.m. Commissioner Grace Arnold, Minnesota Department of Commerce

8:55 a.m. Representative Zack Stephenson, Minnesota House Commerce Chair

9:15 a.m. Senator Gary Dahms, Minnesota Senate Commerce Chair

9:40 a.m. Senator Paul Gazelka, Minnesota Senate Majority Leader

10:05 a.m. Speaker Melissa Hortman, Minnesota House of Representatives

10:25 a.m. MBA Government Relations Team Update

10:45 a.m. Representative Brian Pfarr, Minnesota House of Representatives and President of First Farmers and Merchants – Le Sueur

11:00 a.m. Keynote Speaker: Shawntera Hardy, Cofounder of Civic Eagle

11:30 a.m. Program Concludes

Former DEED commissioner and co-founder of Civic Eagle, Shawntera Hardy, will close the morning with an insightful keynote exploring the meaningful ways our industry can embrace the differences among us and ensure all voices are represented and heard.

The most important part of Bank Day is always connecting with your local legislators. That is still true this year. While we are not able to head to the Capitol this year, we are encouraging attendees to meet with the legislators and will provide talking points for your meeting. If you need any help scheduling your meeting, the MBA can lend assistance.

Make your voices heard! Join your fellow bankers in delivering a strong message to policymakers. Please sign up for Bank Day at the Capitol 2021 today!

Click here to register.

If you have any questions, please contact Therese Kuvaas at 952-857-2603 or theresek@minnbankers.com.

Minnesota Legislature – Weekly Recap*

MN Vaccine Update

Minnesota continues to work through Phase 1a and the additional populations of Minnesotans age 65+, educators, and childcare workers. As of the most recent data available from Thursday, 475,200 Minnesotans have received one vaccine dose and 129,664 have received two vaccine doses according to the vaccine dashboard. At least one vaccine dose has been administered to 180,577 Minnesotans in the 65+ population.

While vaccine supplies remain limited within the state, the Department of Health has opened the Find my Vaccine page for the 65+ population.

For health care businesses and individuals (employee or self-employed) in Phase 1a who have not received or scheduled their vaccination yet, the Department of Health has set up the Health Care Vaccination Connection Form, which connects these individuals and businesses with their county public health department. Once submitted, the county public health department will reach out to schedule an appointment to administer the vaccine.

Phase 1b will include essential frontline workers, but specific guidance is not yet available from the Department of Health. We anticipate Phase 1b guidance in the coming weeks and will keep you updated as soon as more information is available.

Bill Introduced to Study Tax Status Designations

This week, a bill (HF662), authored by Senator Rich Draheim (R-Madison Lake), was introduced that would establish a working group to review and provide recommendations regarding mergers of financial institutions. The bill was a result of the announcement last February that Wings Credit Union was planning to purchase a bank. The current statute does not state in one way or another whether these types of purchases are allowed. In conversations the MBA has had with legislators over the years, including the author of the bill, tax status and lost revenues to the state have been of interest to legislators. That becomes an even bigger talking point when the state could lose significant revenue when a credit union purchases a bank.

The working group would be made up of a variety of groups, including ICBM (who crafted the bill), the MBA, and the Minnesota Credit Union Network. The working group “would be tasked with developing recommendations regarding the acquisition of non-tax-exempt financial institutions by tax-exempt financial institutions. The working group must review, at a minimum, the history of these types of acquisitions both in Minnesota and in the United States in general, the state tax and revenue implications of acquisitions, the status of state law regarding acquisitions, and the advantages and disadvantages of acquisitions to Minnesota. The working group may consult with other interested parties as needed.”

Tidbits

  • A bill (HF333) was heard in House Commerce on Tuesday that would require lenders and servicers of a reverse mortgage loan to notify borrowers that they can identify an additional person to receive communications regarding loan defaults. It also requires the loan servicer to send communications to the borrower’s independent loan counseling agency. The bill passed and was sent to House Judiciary and Civil Law for a hearing next Tuesday. The Senate version will be heard on Monday in the Commerce committee.

    Mark Your Calendar

    Here are some key dates for the 2021 legislative session:

  • February 10 – MBA’s Virtual Bank Day at the Capitol
  • End of February/Beginning of March – February Budget Forecast
  • March 12 – 1st Committee Deadline - bills must be out of all policy committees in one body
  • March 16-17 – ABA’s Virtual Washington Summit (more information below)
  • March 19 – 2nd Committee Deadline - bills must be out of all policy committees in both bodies
  • March 27 – April 5 – Legislative Spring/Passover/Easter Break
  • April 9 – 3rd Committee Deadline - bills must be out of all committees except Finance/Taxes
  • May 17 – Session ends – Constitutionally required adjournment date

Next Week (as of Friday morning):

Committees continue hearing the Governor’s Budget Proposals

Monday         Senate Commerce will hear a bill on reverse mortgages (S.F. 531)

Tuesday        House Judiciary and Civil Law will hear a bill on reverse mortgages (HF333)

Wednesday   MBA Virtual Bank Day at the Capitol - Register Today and Local Government Division to hear Street Improvement fee bill (HF527)

Please contact Tess Rice or Therese Kuvaas for any additional information.

For more legislative updates, follow Therese Kuvaas, Government Relations Manager, on Twitter @thkuvaas

Bill Introductions (all introduced on Thursday, February 4):

H. F. 527, A bill for an act relating to local government; authorizing municipalities to charge a street impact fee; amending Minnesota Statutes 2020, section 462.358, by adding subdivisions.

H. F. 531, A bill for an act relating to state government; allowing debit cards to be used for purchasing raffle tickets over the telephone.

H. F. 600, A bill for an act relating to cannabis; establishing the Cannabis Management Board; establishing advisory councils; requiring reports relating to cannabis use and sales; legalizing and limiting the possession and use of cannabis by adults; providing for the licensing, inspection, and regulation of cannabis businesses; requiring testing of cannabis and cannabis products; requiring labeling of cannabis and cannabis products; limiting the advertisement of cannabis, cannabis products, and cannabis businesses; providing for the cultivation of cannabis in private residences; transferring regulatory authority for the medical cannabis program; taxing the sale of adult-use cannabis; establishing grant and loan programs; amending criminal penalties; establishing expungement procedures for certain individuals; establishing labor standards for the use of cannabis by employees and testing of employees; creating a civil cause of action for certain nuisances; amending the scheduling of marijuana and tetrahydrocannabinols; classifying data; appropriating money.

S.F. No. 531A bill for an act relating to commerce; requiring notices for reverse mortgage loans; amending Minnesota Statutes 2020, section 47.58, subdivisions 1, 8, by adding subdivisions.

S.F. No. 662A bill for an act relating to financial institutions; creating a working group to examine the merger of financial institutions and tax status designations; requiring a report.

S.F. No. 675A bill for an act relating to motor vehicles; modifying provisions governing manufactured home certificates of title; proposing coding for new law in Minnesota Statutes, chapter 168A; repealing Minnesota Statutes 2020, section 168A.141.

H. F. 777, A bill for an act relating to taxation; income; excluding loans forgiven under the paycheck protection program from gross income; allowing expense deductions.

Registration Now Open for ABA’s Virtual Washington Summit

Due to the pandemic, the MBA is unable to conduct our normal Washington Visit again this year. However, please consider joining us for ABA’s Virtual Washington Summit.

Registrations are now being accepted for the 2021 ABA Washington Summit, a free virtual event to be held March 16-17. At this year’s summit—which all bankers are encouraged to attend free of charge—attendees will hear from lawmakers and regulators on the top issues of the day, including the pandemic response and relief effort, financial inclusion, cannabis banking, fair lending, AML/BSA reform and nonbank entrants into the financial system. Register now.

*Some of the information provided in the Weekly Recap is reported by Cook Girard - MBA’s contract lobbyists