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Slow Going in the First Full Week

The opening of the period allowed by West Virginia law for filing for re-election seemed to prevail over any call for action by Legislators during the first full week of the 2008 Legislative Session. Very few bills advanced, and few Legislative Committees met, as Legislators watched, and marched to the several filing offices to throw their hats in the ring. This is not unusual in an election year. The pace will not likely pick up measurably until the filing period closes on Saturday night, January 26.

Governor Joe Manchin caucused with both parties, in both Houses, to pitch his agenda to the Legislators. Still, only about half of the bills suggested by the Governor in his State of the State message have been formally introduced.

Senate Bill 749

Reforms to SB749 passed in the waning moments of last year’s Legislative Session (the combined reporting bill) did not draw the attention of Legislators or the Administration’s Tax Department during the past week. SB749 inadvertently eliminated long-standing provisions of state law regarding taxation of banks. This reform legislation remains the number one focus of your Association for the 2008 Legislative Session.

Pay Card Legislation

HB4032, a bill that would authorize West Virginia employers to pay their employees by means of a paycard containing an electronic record suitable for use in an ATM machine, was introduced in the House. The Association is aware of concerns expressed by several members concerning the impact of this legislation on deposit account relationships and will work with the bill sponsors to address these issues.

Security Breach

SB241, the long expected notice of security breach bill being advanced by the AARP, was introduced on Friday under the sponsorship of Senate Judiciary Chair Jeff Kesler (D-Marshall), and was single referenced to his Judiciary Committee. Your Association is monitoring the status of this legislation to ensure it will not impose new or additional duties on the banking industry.

Predatory Lending

House Judiciary Chair Del. Carrie Webster (D-Kanawha) and House Banking Chair Del. Clif Moore (D-McDowell) held a lengthy meeting with parties interested in bills addressing predatory lending abuses (HB4007 and SB169) and reform of the trust deed foreclosure process (SB203, not yet introduced in the House) being proposed by Mountain State Justice and other consumer advocates. Chairman Del. Moore will refer both measures to a subcommittee for further consideration. Your Association and its lobbyists will pay careful attention to this legislation, which is unacceptable in its present form.

On Thursday, State Treasurer John Perdue hosted his annual luncheon for bank CEO’s. Treasurer Perdue reviewed an impressive record of partnership with West Virginia banks, and unveiled a Legislative agenda that is largely acceptable to the banking community. Just as last year, the Treasurer does not intend to propose legislation regulating gift cards, leaving these issues to Federal consideration. The Treasurer appreciated an excellent turnout by West Virginia bankers.

 

New Bills of Interest to Bankers - Week 2