Public deposits bills filed in Florida House and Senate
11/16/2011 01:33 pm
This week Rep. Jason Brodeur (R-Sanford) and Sen. Chris Smith (D-Ft. Lauderdale) filed bills in the House and Senate to allow credit unions to become Qualified Public Depositories (QPD). The law currently prohibits credit unions from accepting public funds, allowing banks to have a virtual monopoly on these funds.
HB 669 and
SB 936, as currently filed, would amend chapter 280 in Florida Statutes and allow credit unions to participate in the QPD program. While the final version of the bill may look different than its current form, the effect of the legislation, if passed, would allow credit unions to participate in the QPD program and thus allow municipalities a true choice in where they can deposit their dollars.
With the bill filing in identical form in both the House and Senate, the LSCU Governmental Affairs team will be working to ensure that this issue receives a fair shot in both chambers in 2012. The bills have not received respective committee assignments yet, however that should happen soon. The Florida legislative session begins Jan. 10.