– Legislation authored by state Rep. Sheryl Delozier (R-Cumberland) that would support the integrity of Pennsylvania’s banking system passed the state Senate unanimously today and now is headed to the governor’s desk for his signature.
“House Bill 859 is the result of several years of negotiation between banking groups and the Department of Banking and Securities,” said Delozier, a former majority chairman of the House Commerce Committee. “All are in support of this final language. It’s time to keep our banking industry regulated appropriately and consumers protected.”
Specifically, the bill changes the banking fund to a trust fund for the benefit of banking institutions and credit unions. Some features include examination and regulation of institutions, and a reserve shall be maintained to cover any emergencies such as loss of revenue or adverse economic conditions.
“This clarifies that the secretary of Banking builds up a reserve in the institution resolution account to pay the costs and protect the consumers if a bank or credit union would fail and not impair the ability of the department to perform its duties,” she added.
Delozier spoke about the importance of the legislation in the House chamber, which had passed the bill unanimously on May 5, 2021. See that video here
Questions about this or any legislative issue should be directed to Delozier’s district office at 717-761-4665.