Lizeth GeorgeRecent legislative changes in Florida, led by the League of Southeastern Credit Unions (LSCU) Advocacy team have opened new avenues for credit unions, positioning them to compete for public funds in a way previously reserved for traditional banks. This significant shift reflects a growing recognition of the role credit unions play in providing financial services and their potential to offer competitive and reliable banking solutions for public entities.
Legislative Shifts in Florida
In Florida, the new legislation allows credit unions to accept public deposits, marking a departure from the longstanding restriction that favored banks. This change levels the playing field, enabling credit unions to participate in the Florida public funds market, which includes deposits from state agencies, universities and colleges.
New Deposit Opportunities for Florida Credit Unions
The new legislative landscape presents several opportunities for credit unions:
- Expanding Depository Services: Credit unions can now offer their services to a wider range of clients, including state agencies, universities, state colleges, and community colleges. This expansion can lead to an increase in deposits, enhancing their financial stability and capacity to offer loans and other services to members.
- Enhancing Community Impact: By handling public funds, credit unions can play a more significant role in community development. The funds managed can be reinvested into local projects, contributing to the economic growth and well-being of the communities they serve.
- Strengthening Member Relations: With the ability to attract public deposits, credit unions can offer more competitive rates and services to their members, strengthening loyalty and attracting new members.
- Diversifying Revenue Streams: Acceptance of public funds provides credit unions with a new revenue stream, enhancing financial resilience.
How Tru Treasury Supports Credit Unions
Tru Treasury offers comprehensive support for credit unions in seizing these new opportunities:
- Treasury Management Solutions: State-of-the-art tools ensure compliance and optimize cash flow.
- Training and Support: Extensive training is provided to ensure credit union staff are well equipped.
- Risk Management: Services help safeguard public deposits and maintain financial security.
- Customized Products: Tailored financial products meet the unique needs of each credit union.
- Advocacy and Compliance Support: Assistance in navigating regulations and positioning credit unions competitively.
- Experienced Team: A team of experts ensures success in responding to Florida public funded request for proposals (RFPs).
The Time is Now
The legislative changes in Florida offer credit unions unprecedented opportunities to compete for public funds. By leveraging these changes and partnering with Tru Treasury, credit unions can enhance service offerings, strengthen community ties, and achieve sustainable growth.
Contact us today at TruTreasury.com to discover how Tru Treasury can support your credit union in this new landscape.
