Florida Banking July 2022

GOVERNMENT RELATIONS

LIKE A HORROR MOVIE — THE CREDIT UNIONS ARE COMING FOR YOUR PUBLIC DEPOSITS AGAIN!

BY ANTHONY DIMARCO, FBA EXECUTIVE VICE PRESIDENT AND DIRECTOR OF GOVERNMENT AFFAIRS

J ust like the horror movies I watched on Saturday afternoons as a kid, the credit unions are coming back for your public deposits in the 2023 Session! Their state PAC has outraised ours and they are beginning to hire more outside lobbyists for the upcoming Session. Moreover, credit unions are buying community banks across the state at an alarming rate. Our fight with credit unions over public deposits has been going on since 2009 when they made their first legislative attempt to take them. We have been

Kenneth, Alex, Gina and I are working to stop this bad legislation. During this campaign season, we are going around the state talking to candidates and helping during the campaign process. While this is great help — our best advocates are our members. What can you do? First, talk to your local legislator now. Do not wait — many seats will be decided in the primary. Get to know your candidate. Help the campaign with either time or treasure. It is better to tell them about our issue now instead of right before they vote.

able to beat them back; however, they are taking their advocacy to a new level for the 2023 Session. How are they going about this? The credit union PAC has raised a great deal of money. Five credit unions have contributed almost $580,000 to their PAC during this time. One alone, Suncoast, has contributed $170,000 to their PAC. Because they outraise us, they can also outspend us. Credit unions have donated more than $270,000 to state candidates, parties, and leadership funds so far for the 2022 election cycle.

Also, attend any legislative event we host in your area. These smaller events help legislators get to know their local bankers. Finally, answer our Calls to Action quickly and forcefully when issued. Your response will be even better received if you have taken the time to get to know the legislator back at home before Session. You will be surprised how strong your message is with legislators. More than once I have heard, “My banker called me about this issue and I need to vote with them,” or “I met

“MAKE NO MISTAKE, CREDIT UNIONS ARE COMING FOR PUBLIC DEPOSITS NEXT SESSION AND THEY ARE COMING HARD.”

They are sitting on more than $460,000. They have consistently outspent us and will do so again this year. The credit unions are also hiring more lobbyists to push their issue. Not only have they hired two of the best lobbying firms in Tallahassee, but VyStar has hired two in-house lobbyists to push this issue. It seems like I am hearing from another lobbyist every day, letting me know they are looking for more outside lobbyists to put on contract.

my local banker when I was first running, and he explained this issue to me when he helped on my campaign.” It makes us feel much better when we hear these words from legislators. Make no mistake, they are coming for public deposits next Session and they are coming hard. We promise that we will do everything in our power to kill this bad piece of legislation. We hope we can count on your help as well. Thank you.

12 — FLORIDA BANKING THE VOICE OF FLORIDA BANKING