3 DECADES OF SERVICE HTRUST.COM ∙ 575.758.7700 ∙ NEW MEXICO Offices in Taos, Santa Fe & Albuquerque Helping New Mexico families fulfill lasting legacies. State-chartered, locally-owned trust company—devoted to families & advisors is legal. (Good support for this among Democrats but being held up by resistance from some Republicans. The resistance has more to do with legalizing cannabis than it does with banking legal cannabis businesses.) • Credit union oversight. (Not sensing much traction on this unfortunately.) • Deposit insurance reform. (Much work to do on this. Ken Clayton’s Government Affairs Committee is working on proposals to address flexibility and fairness to, hopefully, mitigate future FDIC special assessments — “inequities between too big to fail versus too small to care.”) • Federal regulation of payment stablecoin. (Sen. Scott’s committee is working on legislation to establish licensing and regulatory requirements for stablecoin issuers at the federal and state levels. It permits state oversight of stablecoin issuers with a market capitalization under $10 billion, while larger issuers would be regulated by the Federal Reserve and the Office of the Comptroller of the Currency. Another aspect is to prohibit interest payments to prevent disintermediation from the banking industry. It cleared the Banking Committee in March with bipartisan support.) • Overdraft protection legislation that would preserve overdraft protection by nullifying the CFPB’s $5 cap on overdraft fees. (I sensed a considerable understanding of our “risk-reward” position on this issue.) • Tax policy to include extending the 2017 tax cuts as well as the section 199A pass-through deduction for sub-S entities. (Good support for this in terms of the certainty it provides to the economy, but also concerns expressed by the New Mexico delegation as to how the “one big beautiful bill” budget cuts could impact federal Medicaid funding and the impacts that could have on New Mexico.) It continues to be my honor and pleasure to serve as this year’s president of NMBA. Please let me know how I can help you in any way. Kyle Beasley, Ken Clayton, John Anderson, Sen. Ben Ray Luján, Max Myers and Jay Jenkins 5
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