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Law Signed in Florida to Make Credit Unions Public Depositories

JACKSONVILLE, Fla. —Florida Gov. Ron DeSantis has signed into law House Bill 989, which designates credit unions as public depositories.

The League of Southeastern Credit Unions (LSCU) called the legislation a “transformative step that opens up new avenues for credit unions, enabling them to conduct business with certain public entities.”

Florida Signing

In attendance at signing of bill in Florida were, from left: Brian Wolfburg, Rick Skaggs, Elisha Gonzalez, Michael Parks, and Thomas Flowers.

According to LSCU, HB 989 allows credit unions to be designated as qualified public depositories with the following limitations:

  • A total combined amount of not more than 7% of the total funds held in the state treasury
  • A total combined amount of not more than 7% of all public deposits of any state university or any state college
  • A credit union may not hold public deposits of more than 10% of its total institution’s assets.

“Many credit unions across Florida actively collaborate with public entities through various events and financial literacy education,”  Christopher Hodge, LSCU’s senior director of governmental affairs for Florida, said in a statement. “Now, this law empowers credit unions to accept deposits from some of the same public entities they already serve. It’s an exciting time for Florida credit unions, as it opens up new opportunities for membership growth and community engagement—a true embodiment of the ‘people helping people’ philosophy.” 

Keeping Dollars in Florida

Added Richard Skaggs, president and CEO of University of South Florida FCU and chair-elect of the LSCU Board, in a statement, “Investing public funds into credit unions will keep a portion of Florida’s taxpayer dollars right here in the Sunshine State. Last year, my credit union invested $7 million back to the University of South Florida to help them with their strategic initiatives. This law will now allow the university to invest back in their credit union with a greater rate of return.”

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