Public Deposit Op-Ed Picked Up By Two Florida Newspapers
05/10/2013 12:06 pm
Following Florida's legislative session, LSCU and Affiliates President/CEO, Patrick La Pine authored an Op-Ed pointing out that good public policy was not passed when public deposit legislation was not considered in the 2013 session. The Tallahassee Democrat and South Florida Sun-Sentinel ran the Op-Ed informing municipalities that they still do not have a choice on where to deposit public money.
The piece calls lawmakers' failure to consider public deposit legislation a missed opportunity, explaining that as a result municipalities and public offices are limited from seeking better and more competitive rates of returns for their investments - services that their local credit unions could offer.
The Op-Ed also challenges key arguments being made by banks against public deposit legislation. La Pine addresses the "they don't pay taxes" argument by explaining that credit unions do pay taxes, just like any bank. He continues by clarifying that credit unions are exempt only from paying federal and state income taxes because of their not-for-profit structure and mission to serve their communities, not because of any “loopholes.”
The Op-Ed is part of the LSCU's proactive media relations on this issue and the first step to raising awareness on this issue for the 2014 legislative session.