Around the States - Colorado

Data breach bill introduced
June 13, 2018 -- A recent Colorado data breach bill, H.B. 1128 will require businesses, including credit unions, to notify consumers in 30 days if their personal information has been compromised. When the legislation becomes effective, Colorado will have the shortest notification period without extensions (Florida has a 30 day requirement, but permits extensions). The new bill also requires businesses to have written policies for disposing of certain data records,  to use reasonable security measures to protect personal information and to notify the Colorado Attorney General about breaches involving 500 or more Colorado residents. The bill is effective September 1, 2018.

Salazar named deputy director for regulatory agencies
Aug. 15, 2016 -- Patricia Salazar, now the financial services commissioner for the Colorado Department of Regulatory Agencies (DORA), will become the department’s deputy executive director, effective Aug. 22. READ

Board compensation approved by legislature
May 11, 2016 -- Denver -- Colorado and Arizona recently joined the growing number of states that allow state charted credit unions the controversial option of compensating board members. (CU Times)

Judge dismisses pot CU's lawsuit against Fed
Jan. 6, 2016 -- Denver -- A federal judge dismissed a Colorado CU's lawsuit against Federal Reserve of Kansas City to force the regulator to grant t a "master account" to the fledgling financial institution. (Denver Post, Jan. 5) READ

Arguments over pot CU expressed in federal court in Denver
DEC. 28, 2015 --Denver -- Attorneys for Fourth Corner Credit Union and the Federal Reserve square off in arguments before a U.S. District Court judge over the credit union's suit to force the Kansas City Fed to grant a "master account" to the fledgling financial institution (LA Times, Dec. 28) READ

Colorado names financial services commissioner
OCT. 27, 2015 -- Patricia Salazar is the new Colorado commissioner of financial services and director of the division of financial services.

Regulators OK Merger of Two Colorado Credit Unions
April 9, 2015 – Federal and Colorado regulators have signed off on the proposed merger of two credit unions based in Boulder and with offices mostly in the north Denver metro area.

Colorado Adds Sensitivity Rating to CAMEL to Measure Interest Rate Risk

January 16, 2015 – Colorado’s Division of Financial Services (DFS), the regulator of state chartered credit unions in the state, will begin using Uniform Financial Institutions Ratings System (UFIRS), otherwise known as the CAMELS rating system. The change is effective April 1, 2015. READ

Colorado Issues Charter to Marijuana Credit Union

November 24, 2014
Denver, Colo. – On Wednesday, the Colorado Division of Financial Services (Division) issued a credit union charter to The Fourth Corner Credit Union. The Fourth Corner’s field of membership will include any legal marijuana enterprise as well as any members of non-profits that support the legalized cannabis movement. The credit union’s Facebook page linked to several news stories about the charter issuance. MORE

Elevations Credit Union Receives Prestigious Malcolm Baldrige Award

November 13, 2014 – Boulder-based Elevations Credit Union is one of only four U.S. organizations to be named a recipient of the 2014 Malcolm Baldrige National Quality Award, according to an announcement Thursday by U.S. Commerce Secretary Penny Pritzker. READ

Colorado Pot Co-op Bill Passes House and Senate, Awaits Governor’s Signature
May 8, 2014
Denver, Colo. – Colorado H.B. 1398 has passed both the Colorado House and Senate and is awaiting the signature of Gov. John Hickenlooper. As originally written the bill would only have allowed state-licensed marijuana businesses to create not a bank or credit union but a financial cooperative. As amended, however, the bill covers marijuana businesses and suppliers, and the hemp industry. MORE

Pot Co-op Bill Shelved in Colorado House of Representatives
May 5, 2014 – Denver, Colo. – A measure that would make it legal in the state of Colorado for state-licensed marijuana businesses to create a financial co-op—HB1398—has been shelved. While it cleared a House committee May 1, soon after, another committee opted to continue studying the issue of marijuana businesses having difficulty accessing banking services. MORE

Measure That Would Make it Legal for State-Licensed Marijuana Businesses to Create a Financial Co-Op Introduced in House
May 2, 2014 – Denver, Colo. A measure that would make it legal in the state of Colorado for state-licensed marijuana businesses to create a financial co-op—HB 1398—has been introduced in the Colorado House of Representatives. The proposed legislation has the backing of the office of Colorado Gov. John Hickenlooper. The bill would create an uninsured financial cooperative to provide basic deposit and financial services to the marijuana industry. The enitity would be neither a bank nor a credit union, but would be heavily regulated at the state level.  Chris R. Myklebust, commissioner of financial services for the Colorado Department of Regulatory Agencies, served as a technical advisor on the legislation at the request of the governor’s office. MORE

 

 

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