Florida Banking April 2023

“I THINK THIS SESSION WILL HAVE A DEEP IMPACT ON OUR INDUSTRY, MAYBE NOT FOR THE BETTER, AND WILL REQUIRE THE FBA AND ITS MEMBERS TO FIGHT OFF MORE THAN A FEW FAR AFIELD IDEAS.”

Credit Unions/Public Deposits They are back again trying to take your public deposits. Unfortunately, the bill has more legs than in years past. House Bill 987 is likely to get a hearing in the House Insurance & Banking Subcommittee. Senate Bill 1360 by Sen. Blaise Ingoglia (R-Springhill) has also been filed. We will naturally OPPOSE the bills until the credit unions are on the same tax and regulatory level as our members. House Bill 221 by Rep. John Snyder (R-Palm City) and SB 214 by Sen. Danny Burgess (R-Zephyrhills) have been filed to prohibit financial institutions, the payment system, and others involved in the credit/debit card process from assigning a merchant category code (MCC) to a gun or ammunition store other than an MCC for sporting good or general merchandise store. Bills such as this are being filed and passed in red Merchant Codes/Guns and Ammunition Stores

what that may mean to people and small businesses. The bill will, in part, require Florida state-chartered banks and credit unions to file quarterly reports with the Office of Financial Regulation on the number of IRS inquiries, requests, summons, subpoenas or other requests for information or records concerning any account holder domiciled in Florida. We are suggesting amendments to the bills that will ensure that the state can still receive information, and that removes the requirement for our members to provide this information. We are also supporting legislation to clarify automobile liens and finality of foreclosures. Finally, we are opposing legislation filed, including PACE lending. We will keep you updated as Session progresses. Please contact us if you have any questions concerning these bills or any others that will be addressed by the Florida Legislature.

states after the International Standards Organization (ISO) created a new MCC for guns and ammunition stores to try to stop gun sales. Interchange Fees House Bill 677 by Rep. Mike Caruso (R-West Palm Beach) and Senate Bill 564 by Sen. Travis Hutson (R-Palm Coast) have been filed to prohibit the collection of an interchange fee on the sales tax portion of any transaction done with a credit or debit card. We are opposed to this idea for several reasons, including the fact that the current technology does not exist, and we will be paying for the sales tax portion of the transaction without any compensation. IRS Reporting Senate Bill 372 by Sen. Blaise Ingoglia (R-Springhill) and House Bill 507 by Rep. Toby Overdorf (R-Stuart) have been filed in response to the IRS hiring of 87,000 agents and

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