Senate Bill 25-080, introduced on January 23, 2025, authorizes credit unions in Colorado to acquire the assets and liabilities of state-chartered banks, subject to specific conditions.
Key Provisions:
Approval Limit: The Colorado Banking Board may approve up to five such acquisitions per year.
Required Analyses: Before approval, the prospective credit union must conduct analyses assessing:
Impacts on small business and agricultural lending.
Current and projected lending data for low- and moderate-income areas, demonstrating that the acquisition will meet community needs.
Public Disclosure: These analyses must be reviewed by the Department of Regulatory Agencies and made available to the public, with any trade secrets or privileged information protected under the Colorado Open Records Act excluded from public disclosure.
Summary
The bill authorizes a credit union to purchase the assets and
liabilities of a state bank. The banking board may approve up to 5 purchases by credit unions per year.
Prior to approving a purchase, a prospective credit union purchaser
must conduct an analysis of the anticipated impacts to small business and agricultural lending and the intended prospective credit union purchaser's current and anticipated lending data for low- and moderate-income areas, including demonstrating that the purchase will meet the needs of the community. The analyses shall be reviewed by the department of regulatory agencies and made available to the public; except that any trade secrets or other privileged information protected by the Colorado Open Records Act incorporated into the analyses shall not be made publicly available.
