Fiscal Note - SB 0115 - Community Investment By Banks to be Considered Prior to Deposit of State Funds
L.R. NO. 0590-01
BILL NO. SB 115
SUBJECT: Economic Development: State Treasurer and Banks
TYPE: Original
DATE: January 14, 1997
FISCAL SUMMARY
ESTIMATED NET EFFECT ON STATE FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
None $0 $0 $0
Total Estimated
Net Effect on All
State Funds $0 $0 $0
ESTIMATED NET EFFECT ON FEDERAL FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
None $0 $0 $0
Total Estimated
Net Effect on All
Federal Funds $0 $0 $0
ESTIMATED NET EFFECT ON LOCAL FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
Local Government $0 $0 $0
FISCAL ANALYSIS
ASSUMPTION
Officials from the Office of the State Treasurer and Department of Economic
Development-Division of Credit Unions and Division of Finance assume the
proposed legislation would have no fiscal impact on their agencies.
FISCAL IMPACT - State Government FY 1998 FY 1999 FY 2000
(10 Mo.)
0 0 0
FISCAL IMPACT - Local Government FY 1998 FY 1999 FY 2000
(10 Mo.)
0 0 0
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of
this proposal.
DESCRIPTION
Beginning July 1, 1998, the proposal would require that the State Treasurer,
when making, continuing or renewing time deposits of state funds in any
Missouri financial institution, consider whether the institution had been
given by a federal regulatory agency a written evaluation of the
institution's record of meeting the credit needs of the entire community and
received a rating of "needs to improve record of meeting community credit
needs" or "substantial noncompliance of meeting community credit needs".
This legislation is not federally mandated, would not duplicate any other
program and would not require additional capital improvements or rental
space.
SOURCES OF INFORMATION
Office of the State Treasurer
Department of Economic Development-Division
of Credit Unions and Division of Finance
This Fiscal Note is not an official copy and should not be quoted or cited.