As we move past the halfway mark of Colorado’s legislative session, the pace under the Gold Dome is beginning to shift. With just seven short weeks remaining, bill introductions have slowed significantly, and attention has turned to committee hearings and floor debates. This is the point in the session where priorities crystallize, some proposals advance, while others rightfully stall or fail as their broader impacts on businesses and Colorado’s economy come into sharper focus. Several issues of importance to Colorado’s banking industry continue to demand close attention. Interchange Legislation Senate Bill 26-134, Concerning Credit Card Swipe Fees, was introduced on March 4 and proposes to prohibit interchange fees on the tax portion of a transaction. The bill received a hearing on March 12 under circumstances that underscore just how dynamic, and at times unpredictable, the legislative process can be. Leading up to the hearing, opponents of the bill had secured sufficient votes to defeat the measure in committee. However, in an unprecedented move on the morning of the hearing, Senate leadership replaced a committee member with one of the bill’s sponsors, allowing the bill to pass out of committee. Since that time, the bill has remained on the Senate floor awaiting debate. Proponents have been unable to secure the votes necessary for passage and continue to circulate amendments in an effort to build support. At the time this article was written, the bill does not have a clear path forward. The Colorado Bankers Association has been actively engaged on this issue. I met directly with representatives from the Governor’s Office to clearly communicate the industry’s position, including the potential to pursue litigation should the bill be signed into law. This is in addition to numerous meetings Alison Morgan, CBA’s director of state government relations, had with the Governor’s team. The stakes are high, and we remain committed to ensuring policymakers fully understand the operational, legal and economic consequences of this proposal. Artificial Intelligence Colorado continues to be at the forefront of artificial intelligence policy. In 2024, the state enacted groundbreaking legislation (HB24-205) aimed at protecting consumers from discriminatory practices in AI systems. At the time of signing, Governor Polis acknowledged structural flaws within the law that would need to be addressed. Efforts to refine the law have so far been unsuccessful in the legislature. The only accomplishment has been to push the implementation date to June 2026. In response, the Governor convened a broad-based AI working group tasked with developing a path forward. While the group included a wide range of stakeholders, representing venture capital, education, healthcare, technology, consumer advocates and business, it notably did not include representation from the banking or financial services sector. A VIEW FROM THE CAPITOL Navigating a CRITICAL LEGISLATIVE SESSION for Colorado Banking By Jenifer Waller, President and CEO, CBA Colorado Banker 4
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