Government affairs committee offers feedback on family forward adoption program
Published by: Andrew Canan
August 25, 2021 | Government Affairs
Last General Assembly, the League partnered with State Representative Jon Cross (R-Kenton) and Treasurer of State Robert Sprague to support their initiative (House Bill 405) to create an adoption linked-deposit program, known as Family Forward. The program provides lower-cost financing options for families looking to adopt by permitting credit unions to hold low-cost deposits from the Treasurer of State. Then those savings are passed along to the member through lower rates of interest on the loan. The program will allow families to borrow up to $50,000, but the funds must go directly towards adoption costs.
Recently, as part of the process to set the program to go live, the Treasurer of State has been creating the participation rules and solicited feedback before those rules were finalized. In this process, the League’s Government Affairs Committee, made up of your credit union peers from across the state, provided vital feedback that we were able to pass along to the Treasurer’s office.
The next step in the process will be a hearing before the Joint Committee on Agency Rule Review, where they will approve the finalized rules from the Treasurer. In advance of the Family Forward program going live, the League will continue to stay involved in the process and will be sure to provide any additional updates.
If you have any questions about the program or process, please reach out to the League’s Senior Manager of Political and Grassroots Affairs, Andrew Canan.
Contact Andrew Canan for questions or assistance.