AFSA Testified on DIDMCA in RI
On April 24th AFSA Senior Vice President Danielle Arlowe testified in person before a Rhode Island committee hearing in opposition to H 6055. This bill would opt-out the state from the Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA). DIDMCA introduced parity for state banks, stipulating that state-chartered banks with federal insurance are also authorized to export interest rates.
AFSA raised concerns over DIDMCA state opt-outs posing a significant threat to the business models of several of our members, noting that such proposals conflict with DIDMCA’s initial intentions, which were to place state-chartered banks on equal footing with national banks.
While AFSA does have members who use the bank partnership model, the larger portion of our membership consists of individuals who own and oversee their own state-chartered, federally insured banks, making those using the partnership model a minority within our organization.
This and other SGA advocacy efforts can be found on the direct advocacy section of AFSA’s website.
May 16th, 2025
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