Transcript Highlights:

• Uh, I still find chartered institutions.
• The special purpose depositories are uninsured state-charter depositories that engage in non-lending
• The special purpose depositories are uninsured state-charter depositories that engage in non-lending
• </c><01:01:26.880><c> One</c> institutions that we work with. One institutions that we work with.
• And they're typically large institutions.

Summary: The meeting began with roll call and introductions of commission members and guests, followed by approval of the agenda and a motion to approve the February 10 minutes with a correction clarifying that one quoted statement was misattributed. The commission then moved into presentations. The main presentation came from the Conference of State Bank Supervisors on implementation of the federal GENIUS Act for stablecoins. The speaker reviewed the OCC’s recent 367-page proposed rule, noting it raises many open questions and design choices for states, and discussed expected upcoming rulemaking from the FDIC, Federal Reserve, and Treasury. The presentation focused on six areas: permissible issuer activities, reserve assets and redemption, risk management and supervision, treatment of state-qualified issuers, capital/operational backstops, and foreign issuers. It also flagged unresolved issues around Bank Secrecy Act/AML requirements and the meaning of “digital asset service provider” activities. A substantial portion of the discussion addressed yield restrictions, with the presenter explaining the OCC’s broad definition of yield and its rebuttable presumption against issuer-affiliated or related third-party yield arrangements. The speaker said this likely forecloses many existing white-label structures but leaves some room for third-party payments depending on distance from the issuer, and noted ongoing Senate debate over similar provisions. The presentation also covered reserve valuation, liquidity and diversification requirements, redemption timing, and supervisory expectations such as third-party oversight, IT security, exam cycles, and reporting. No additional votes or formal actions were taken beyond approving the amended minutes.

Transcript Highlights:

• So, the world's largest regulated financial institutions.
• So Black Rockck, Frank institutions.
• They have created a special purpose depository institution charter for custodying digital assets, and
• </c> created a special purpose depository created a special purpose depository institution<00:52:18.720
• </c> also similarly adopted a depository also similarly adopted a depository charter<00:52:39.359><c>

Summary: The Hawaii State Senate Committee on Commerce and Consumer Protection held an informational briefing on digital assets, blockchain, and related regulatory developments. Chair Jarrett Keohoko said the committee was focusing on national and state policy issues around digital assets, while leaving the separate issue of Bitcoin kiosks and fraud to the House Consumer Protection Committee, which had already noticed a similar briefing. No public testimony was taken; the session was for informational updates and member questions. Representatives from the Aptos Foundation, including JC Yun and Michael Cheng, gave a detailed presentation on blockchain basics and Aptos’s technology. They described blockchain as a tamper-resistant digital ledger, explained proof-of-work and proof-of-stake systems, and argued that proof-of-stake networks are faster, cheaper, and more environmentally friendly. They also emphasized smart contracts and potential uses beyond speculation, such as car titles, college transcripts, collectibles, digital IDs, real estate, and other tokenized assets. The presenters highlighted Aptos’s Hawaii connections and said the technology could help local residents and businesses participate in the digital economy. They cited adoption statistics, including billions of transactions on Aptos, tokenized money market funds from major financial firms, micro-lending applications, decentralized cloud infrastructure, and the rapid growth of stablecoins. They acknowledged concerns about scams and consumer protection, but argued that the answer is stronger regulation and education rather than avoiding the technology altogether.

Transcript Highlights:

• Health from the Department of Health to the Department of Commerce, some policy changes governing depository
• institutions.
• I move on to our next area of work, which is depository institutions.
• I move on to our next and area of work, which is then on deposit rate institutions.
• Article this Bill update several statutes covering non depository financial institutions to reflect modern

Bills: HF4881 , HF4867 , HF4422 , HF4223

Committee: House Commerce Finance and Policy

Keywords: healthcare, insurance, regulation, financial institutions, prescription drug affordability, consumer protection, restitution account, financial compensation, attorney general, distributions, property insurance, homeowners insurance, fire and allied lines, hail insurance, appraisal clause, loss adjustment, alternative dispute resolution, insurance claims, claim valuation, actual cash value

Transcript Highlights:

• There's been other institutions that we... ...in downtown Boston.
• There's been other institutions that we can look back to to kind of figure it out.
• And there wouldn't be, you know, all these institutions if there wasn't these Cape Verdeans, many of
• And so we can create that depository.
• And so we can create that depository.

Summary: The Cape Verdean Cultural Center Commission met with quorum and began by introducing new commissioners and staff, with Chair Miranda and others emphasizing the long effort to establish the commission and the goal of creating a Cape Verdean cultural center in Boston that would serve the broader Commonwealth. Several commissioners introduced themselves and described their backgrounds in community organizing, education, history, cultural programming, municipal service, and advocacy, with members representing communities including Roxbury, Dorchester, Brockton, New Bedford, Taunton, Scituate, and Cape Cod. The meeting focused on the commission’s mandate: to study the organizational structure, feasibility, and potential location and scope of a Cape Verdean cultural center, and to gather public input through listening sessions and site visits. Members discussed possible approaches, including visits to existing cultural institutions and museums, traditional listening sessions in Cape Verdean communities, and collecting feedback at major Cape Verdean events. Several commissioners stressed the importance of including elders, youth, artists, historians, and existing Cape Verdean organizations, as well as correcting historical myths and increasing visibility of Cape Verdean contributions in local historical societies and public narratives. Funding and logistics were also discussed. Chair Miranda said short-term support might come from earmarks, but the larger funding goal would be a bond bill to seed the project, with private and organizational fundraising to follow later. Commissioners asked about resources for community events and whether a shared repository for ideas could be created; staff said they would explore a platform and send follow-up emails. The commission agreed to continue gathering ideas by email and chat, to consider combining listening sessions across regions, and to hold the next meeting in early April. The meeting minutes from the prior meeting were approved, and the commission adjourned by vote.

Transcript Highlights:

• Chair, members of the committee, Sarah Schlemer, here on behalf of the Missouri Public Health Institute
• individuals with developmental disabilities could end up needing care such as hospitalization or an institutional
• The county commission actually makes that decision on who the depository is going to be with.
• That's part of, you know, the depository agreement.
• I know in my county I put together the bid for the depository agreement, but of course we can't sign

Committees: House Local Government , House Local Government, Elections and Pensions

Transcript Highlights:

• I'm here today to support Senate Bill 1906 as it will strengthen Texas's non-regulated, non-depository
• I'm here today to support Senate Bill 1906 as it will strengthen Texas's non-regulated, non-depository
• And then, obviously, the credit losses also come into play, but as non-depository companies, we have
• And a quick follow-up to that, because I do think that... ...a institution or cosmetologist.
• On the 15th of December of 2021, the Court of Criminal Appeals instituted for their benefit.

Bills: SB1113 , SB1117 , SB1206 , SB1460 , SB1802 , SB1906 , SB1917 , SB2340 , SB2455 , SB2680 , SB2690 , SB705 , SB748

Committee: Senate Business & Commerce

Summary: The committee took up pending business first and reported several bills favorably, including SB 2139, SB 2610, SB 1856, SB 2530, SB 2401, SB 2858, and SB 3016, with most of those measures moving out on committee substitutes and being sent to the local and uncontested calendar or to the full Senate. The committee also heard SB 1906 on expanding Chapter 342E consumer lending rates; supporters argued it would modernize Texas law and expand access to safe, regulated credit, while opponents from Texas Appleseed and AARP warned it would raise costs on already expensive loans and worsen debt burdens. SB 1906 was left pending after testimony. The committee also reconsidered and re-voted SB 1856 after a procedural issue, with the substitute ultimately adopted and the bill reported favorably. The committee then heard SB 1113, which would clarify that certain vehicle converters, including a Texarkana business, do not need an additional dealer license to sell converted vehicles. The bill’s supporters described a long-standing business model and said the new metal license plate rules had created problems, while the Texas Automobile Dealers Association opposed the bill in its current form and said it could be resolved through DMV action or narrower changes. DMV said it was still researching a possible administrative fix, and SB 1113 was left pending. The committee also heard SB 2680, a Public Information Act cleanup bill dealing with emergency deadlines, business-day exclusions, and litigation timing; broadcasters and other open-government advocates argued the issues were already addressed by prior law and court rulings, while the Attorney General’s office said the bill would help with catastrophe notices and timing conflicts. SB 2680 was left pending. Other bills heard included SB 1117, which would allow any Texas-licensed dentist to administer botulinum toxin neuromodulators for aesthetic purposes in the oral and maxillofacial region; the author and dental witnesses said it would clarify scope and improve access, and the bill was left pending. SB 2340 would clarify the Attorney General’s investigative authority over Texas corporations, including pre-suit depositions and sworn written questions; opponents raised due process and separation-of-powers concerns, and the bill was left pending. The committee also heard SB 705 and SB 748, both TDLR cleanup bills, and SB 1206, which would impose timelines and notice requirements on municipalities reviewing transmission projects; SB 1206 was supported by an electric cooperative and left pending. SB 1460, creating an ethics violation registry tied to licensing consequences, drew constitutional and due-process objections from several witnesses and was also left pending. After a recess, the committee heard SB 1802 on landlord duties to repair mobility assistance devices like elevators and ramps in rental housing, with the author describing prolonged outages affecting seniors; the bill was left pending. Finally, SB 2455, creating an Energy Waste Advisory Committee to coordinate efficiency and demand-response programs, drew support from energy-efficiency and environmental witnesses and was left pending, and SB 2690, targeting deceptive business-certification solicitations, was laid out and opened to testimony before the transcript ended.

Transcript Highlights:

• This is universally the rate you used on savings interest rates and by savings institutions.
• The windfall of the Fla caused by the new rate makes many financial institutions have to participate
• This incentivizes participation in the program by savings institutions limits the consumer choice of
• when used by the saving institution.
• That was not of the amendment that was not in the building with a depository institution and some language

Transcript Highlights:

• The first one is the loss of institutional knowledge and expertise.
• First is institutional knowledge: how and why things were done in the past, traditions, and even rules
• First, institutional knowledge.
• What I wondered, with respect to the loss of the institutional knowledge, I think what this committee
• There is a greater reliance on nonpartisan staff for institutional knowledge and policy expertise.

Summary: The Legislative Procedure and Arrangements Committee met with a quorum, approved the previous meeting minutes, and heard an update from Garty Consulting on the interim study of legislative term limits. The consultants outlined their research plan and preliminary themes, including loss of institutional knowledge, shifts in power toward executive agencies and lobbyists, reduced long-term policy capacity, faster leadership turnover, and recruitment/support challenges. They also described possible recommendation categories ranging from constitutional and statutory changes to procedural and cultural adjustments. Committee members asked about how other states repealed term limits, how the public survey would address perceptions of term limits, and how stakeholder focus groups would be selected. The committee also heard a presentation from NCSL on term limits in other states, including examples from Nevada, Montana, and Colorado, with discussion of training programs, staffing changes, annual-session debates, bill limits, and impacts on decorum and leadership continuity. Several members requested follow-up data on part-time versus full-time legislatures, taxpayer costs, and nonpartisan staff devoted to oversight. The committee then considered revisions to the legislature’s workplace harassment policy and related forms. Legislative Council explained changes that clarified the definition of harassment, added captions for readability, extended several deadlines, allowed informal resolution before a review panel is appointed, clarified the role of Legislative Council in intake and documentation, and updated confidentiality/open-records language. Members, especially Senator Hogan, said the revisions better formalize the role of counsel and provide a less intimidating path for resolving complaints. The committee adopted the revised policy and forms by roll call vote. Finally, the committee approved a motion to enter executive session at 1:00 p.m. to review the results of a capital threat assessment and discuss legislator security, citing the applicable open-meetings exemptions. Members were instructed to limit discussion to the stated purpose and not take final action until returning to open session.

Transcript Highlights:

• But we were just working with too many institutions, too many favors.
• We used to have individual funds, so different 40 accounts with several institutions.
• So what institutions um too many favors.
• Now we only with several institutions.
• </c> investments for depository banks. investments for depository banks.

Summary: The committee held a work session on HB 302, which would add precious metals and digital assets as potential investment options. State Treasurer Monica Misipelli said she took no position on the bill and did not see an immediate fiscal impact or operational problem, but explained that the state’s operating funds and rainy day fund require liquidity and stability, so they would not be suitable for volatile assets like precious metals or digital assets. She said the only funds that might potentially use such investments would be certain trust funds held in perpetuity, which are managed by an outside investment advisor under a contract and investment policy. Members asked about the treasurer’s current investment practices, including the types of funds managed, the role and discretion of the investment advisor, the state’s risk profile, and whether the bill would affect existing authority. Misipelli said the office follows RSA 11 and related statutes, with different objectives ranging from conservative to aggressive depending on the fund, and that the advisor meets with the office regularly, with formal performance reviews on a quarterly basis. She also said the office recently centralized management of about 40 trust accounts totaling roughly $60 million into five combined portfolios under a five-year contract with an RFP-selected vendor. When asked whether precious metals or digital assets are already indirectly available through mutual funds, she said that was possible for some mutual funds, but she was not certain about digital assets. Representative Ammon, the bill’s sponsor, said similar legislation had passed the Oklahoma House, the Texas House and Senate, and had advanced in Arizona. He argued the bill was intended to give the treasurer more tools to help balance portfolios and hedge inflation, noting concerns about federal debt and inflation. No vote was taken in the excerpt, and the chair ended the questioning after thanking the treasurer and asking her to remain available in case further questions arose.

Transcript Highlights:

• President, is you see... institutions institutions has<00:48:58.400><c> been</c><00:48:58.640><c> very
• Institution Amendments.
• Senate File 55, Special Purpose Depository Institution Amendments.
• Senate File 55, Special Purpose Depository Institution Amendments.
• ><c> Institution</c> Special Purpose Depository Institution Special Purpose Depository Institution Amendments

Transcript Highlights:

• and special depository institutions.
• </c> unions and special depository unions and special depository institutions. institutions. institutions
• , and special depository institutions.
• </c> bank and insert financial institutions. bank and insert financial institutions.
• Institutional review board is a board that is formed under the National Institutes of Health that oversees

Bills: HB0028 , HB0080

Committee: Senate Labor, Health & Social Services

Transcript Highlights:

• state-chartered to utilize the insurance that's run through the national credit union affiliation for depository
• And then there are some banking statutes that refer to financial institutions that are also insured.
• change, one or two changes per page that allow the credit unions to become privately insured for depository
• This meeting is adjourned. insured for depository insurance. So, insured for depository insurance.

Bills: HF3298 , SF3832 , HF3528 , HF3516 , HF3972 , HF4118

Committee: House Ways and Means

Transcript Highlights:

• Section 25 defines what an insured depository institution is in the context of a home loan escrow accounts
• Section 28 changes depository institution to financial institution for consistency with the other parts
• Um section 28 changes depository institution<01:24:30.560><c> to</c><01:24:30.720><c> financial</c><01
• :24:31.320><c> institution</c><01:24:32.080><c> for</c> institution to financial institution for institution
• </c> institutions supervision fund. institutions supervision fund.

Transcript Highlights:

• </c> institution representatives today. institution representatives today.
• </c> from any financial institutions. from any financial institutions.
• So banks and credit unions institutions.
• </c> and any other uh financial institution and any other uh financial institution that's<00:53:37.280
• </c> portable benefits depository. portable benefits depository.

Bills: HB0086

Committee: House Corporations, Elections & Political Subdivisions

Transcript Highlights:

• is exactly the same as it was two years ago, except I added Texas as a possible location for a depository
• The Texas bullion depository is actually run by the state of Texas, and it's available for state investments
• And the Department of Finance has a working relationship with the two precious metal depositories in
• They work together, they coordinate, and the two depositories do follow the guidelines that the Department

Committee: Senate State Affairs

Transcript Highlights:

• imposed by the superintendent of financial services for deposit into community development financial institution
• Bill 3615, sponsored by Senator Sanders, an act to amend the Banking Law in relation to minority depository
• institutions, which apply to establish a home or branch office in an unbanked or underbanked community

Committee: Senate Banks

Summary: The Senate Banks Committee met with Chair James Sanders Jr. and members including Senators Brisport, Borrello, and newly introduced Senator Eric Botcher. The chair emphasized the committee’s willingness to debate and revise bills, with several members noting the value of open dialogue and bipartisan cooperation on banking issues affecting unbanked and underbanked New Yorkers. The committee considered five bills. S.70 (mortgage loan services) drew opposition from one member over its private right of action, with concerns that litigation would raise costs and make mortgages less affordable; it was nevertheless moved and reported out. S.2027 would create a banking development district working group; supporters said the program needs an overhaul and more funding, and the bill was moved and referred to finance. S.2327 would dedicate 10% of fines and penalties imposed by the Department of Financial Services to a community development financial institution fund; it was reported out and referred to finance. S.3177 would regulate commercial finance licenses and was also voted out and referred to finance. The final bill, S.3615, would support minority depository institutions establishing home or branch offices in unbanked or underbanked communities. A co-sponsor highlighted that rural areas also face banking access problems and praised the bill as a nonpartisan effort. The committee approved the bill and referred it to finance. The meeting concluded with adjournment after all listed bills were acted on.

Transcript Highlights:

• </c> unions and non- depositories so whole unions and non- depositories so whole bucket<00:07:00.319>
• <00:09:03.279><c> financial</c><00:09:03.720><c> institutions</c><00:09:04.279><c> so</c> depository
• financial institutions so depository financial institutions so these<00:09:04.519><c> are</c><00:09:05.120
• and banking institutions.
• </c> protect um financial institutions protect um financial institutions banking<00:32:01.960><c> institutions

Committee: House Commerce Finance and Policy

Transcript Highlights:

• Unfortunately, there was no mandate for us to have a central depository that does not exist on the state
• Topics not addressed: central depository, who gets to do it and foot the bill?
• And they said, first, you’ve got to do a central depository. We don’t have the personnel.
• I proudly serve as the president of the Community Association Institute, CAI, Suncoast Chapter, and hold

Committee: Senate Regulated Industries

Summary: The Committee on Regulated Industries met for a panel discussion on current issues affecting Florida condominiums. DBPR Secretary Melanie Griffin highlighted the department’s expanded condo education, complaint, and ombudsman services under HB 1021, including new online resources, board member certification, increased outreach, and broader complaint jurisdiction. She said the division has filled most of its new positions and that the new condo website is intended to improve transparency and access to records and information. Other panelists focused on insurance, inspections, and market impacts. Insurance agent Mike Clarkson said the condo insurance market remains difficult, especially for older buildings, and raised concerns about roof replacement demands, Citizens’ depopulation practices, and the mismatch between reserve studies and insurer timelines. Building officials representative Ron Laceca described challenges with phase one and phase two inspections, including incomplete databases, limited contractor capacity, and the need for local flexibility and better recordkeeping. University of Florida researcher Bill Hughes said his data show the condo market has not suffered a major overall decline from the new laws; he argued the rules have made costs more transparent and may strengthen the market over time. Community association manager Jamie Ballard said the biggest pressures on associations are rising insurance costs and early roof replacement requirements, and she supported board certification while opposing the continuing education exemption for long-tenured CAMs. In committee discussion, members pressed witnesses on whether recent condo laws caused insurance and roof-cost problems, and witnesses generally said those issues are driven more by the market than by the legislation. Senators also discussed possible reforms, including better data collection, clearer reporting duties for managers, and possible changes to insurance and reserve practices. No votes were taken, and the meeting ended with adjournment.

Transcript Highlights:

• The new rate disincentivizes participation in the program by savings institutions, limits consumer choice
• and sustainability to the program by setting sustainable interest rate parameters for savings institutions
• This comparable rate must also be documented and attested to by the savings institution to the Department
• of Financial Services when used by the savings institution.
• They instituted the comparability rule that said that the banks had to give the highest amount of money

Committee: Senate Banking and Insurance

Summary: The committee heard several bills and amendments, beginning with CS/SB 498 on trust fund interest for IOTA accounts. The sponsor said a 2023 Florida Supreme Court rule sharply increased interest paid into legal aid funding, creating a windfall and making participation difficult for banks. An amendment was adopted requiring savings institutions to pay the higher of 0.25% or the highest comparable rate offered on certain non-IOTA accounts, and the bill then passed favorably after testimony from banks, legal aid representatives, and other stakeholders both supporting and opposing the measure. The committee also approved CS/SB 232, which clarifies Florida’s consumer collection law applies only to phone calls during restricted hours and not emails or text messages, after a delete-all amendment and supportive testimony from industry groups. It then approved SB 132, as amended, to designate gold and silver as legal tender and set rules for custody, audits, electronic transfer, and government acceptance of payments; supporters called it a sound-money measure, while the banking association said it still had unresolved technical concerns. Later, the committee passed SB 1466 to create a trust fund for the My Safe Florida Home Program, with an amendment funding it from 20% of collected insurance premium tax revenue. It also considered SB 1206 on transportation network company insurance, reducing coverage during the “dead-leg” period before a rider is picked up from $1 million to lower limits; the bill drew sharp opposition from trial lawyers and support from insurers and some business groups, and the committee adopted a clarifying amendment before reporting the bill favorably. Finally, CS/SB 924 on fertility preservation for cancer patients was amended several times to narrow scope and clarify coverage rules, then passed favorably after debate over cost, preauthorization, and post-treatment storage obligations. The committee adjourned after allowing technical and conforming changes to implement the adopted amendments.

Transcript Highlights:

• The signs on our depository have disappeared. The signs on our depository have disappeared.
• They probably put the sign in the depository. I know.
• There was great value in those signs, and their placement in the depository may have—do we have a confession
• Maybe as part of our investigation, we could open the depository and see if it's in there.

Bills: SB2015

Committee: Senate Appropriations - Human Resources Division

Summary: The committee met to review revised long sheets and section-by-section language for a human services/health budget bill, with much of the discussion focused on how to present block grant funding and full-time equivalent (FTE) positions for behavioral health clinics and CCBHCs. Members debated whether to keep FTE counts in the budget at all, ultimately leaning toward removing or zeroing out the FTE references while keeping the dollar authority, and reducing the salaries-and-wages block grant by about $4.75 million. They also discussed public health federal authority, agreeing to remove about $60 million in unused federal spending authority tied to COVID-era funds, and clarified that if federal money later becomes available it could be requested through the Emergency Commission. A major topic was the provider inflation increase. The House version had 2% and 2%, while members debated alternatives and appeared to settle, at least for further work, on 2% in the first year and 1.5% in the second year, with staff asked to recalculate the fiscal impact. The committee also reviewed FMAP changes, noting a revised 2027 FMAP estimate and its effect on general fund and other funds, and discussed whether to adjust public health and other line items accordingly. Several members emphasized that many of these numbers are still tentative and will be refined before final action. The committee also touched on several policy items and capital-related provisions, including behavioral health services, Medicaid expansion, the moratorium on new ICF beds, and a proposed amendment for a medical homes/fourplex-related item that would show a $400,000 legislative investment with repayment from a developer. There was extended discussion of the All True hospital/facility proposal, with some members favoring leaving it in with a smaller initial commitment and others preferring to remove it and revisit later in conference committee. The meeting ended with staff asked to continue updating the bill language and members instructed to review remaining sections before the next meeting; no final votes were taken in the portion provided.