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Action Alert for Florida credit unions on Public Deposits

The Florida Legislative session begins Tuesday, Mar. 8 and two bills are being introduced by the LSCU, one introduced in the house and one expected to be filed in the senate, that would allow credit unions to accept public deposits. As the law reads right now, credit unions are precluded from accepting these types of deposits. H.B. 999 has been referred to only two committees, the House Insurance and Banking Subcommittee and the House Economic Affairs Committee, which traditionally means leadership does not want to slow the bill down.

The League is asking credit unions to take part in an action alert and let the House Insurance and Banking Committee Chairman Bryan Nelson (R-Apopka) know that H.B. 999 is an important bill for credit unions. The best way to get in touch with Chairman Nelson is to call his office at 850.488.2023. Once you call, please refer to the fact that this bill will give depository choice, municipalities will most likely save money with a credit union and they will be investing the money into their communities. To read the entire action alert, which includes more on what to tell Chairman Nelson, click here. The action alert is also posted on the LSCU Political Action Alert page.

An action alert will be called for once the senate companion bill is introduced. If you have any questions, contact LSCU Director of Legislative Affairs Jared Ross at 866.231.0545 ext. 1012.