Lizeth GeorgeWith the support of LSCU’s fearless advocacy team and our allies in the Florida legislature, legislation empowering credit unions to qualify as public depositories for certain funds was passed and is awaiting Governor Ron DeSantis’ signature. LSCU fully expects the bill to be signed. This pioneering legislation marks a first within our tri-state footprint and is the culmination of years of dedicated effort advocating for our credit unions.
Credit unions are to be designated as qualified public depositories with the following limitations:
- A total combined amount of not more than 7 percent of the total funds held in the state treasury.
- A total combined amount of not more than 7 percent of all public deposits of any state university or any state college.
- A credit union may not hold public deposits of more than 10 percent of its total institution’s assets.
We acknowledge that you may have many questions about how the process will work, but it will take time before the Department of Financial Services can establish operating policies and procedures. LSCU has been in regular communication with the agency and the Governor’s office to ensure the process is done with credit unions’ best interests in mind. We will continue to update you as more information becomes available. In the meantime, if you have any questions, please contact Christopher Hodge.
