HB473 changes regulations as related to credit unions, but not financial institutions more generally.
The Idaho State House of Representatives passed HB473 on March 3, 2020 by a vote of 51 to 18. We have assigned pluses to the nays because this bill creates onerous new legal and administrative burdens on credit unions. This bill would hold credit unions to a different and higher standard than for-profit financial institutions and conventional banks. This bill also expands the power of the state to investigate credit unions, their service providers, and even their customers. “The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures,” is guaranteed in the 4th Amendment of the U.S. Constitution.