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Expanding Opportunities for Credit Unions: A Closer Look at Florida's Legislative Changes

Legislative Changes Empower Credit Unions to Compete for Public Funds and Increase Deposit



Florida Governor Signing Bill 989


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 public funds market, which includes deposits from state and local government entities, school districts, and other public institutions.

Despite limitations on the amount of public funds credit unions can accept, the deposit opportunity still represents tens of millions of dollars in deposits and treasury business. This legislative shift is the first step in opening public funds for local municipalities and school systems in Florida, providing a significant growth opportunity for credit unions.


New Deposit Opportunities for Florida Credit Unions

The new legislative landscape presents several opportunities for credit unions:

  1. Expanding Depository Services: Credit unions can now offer their services to a wider range of clients, including public entities. This expansion can lead to an increase in deposits, enhancing their financial stability and capacity to offer loans and other services to members.

  2. 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.

  3. 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.

  4. 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:

  1. Treasury Management Solutions: Our state-of-the-art tools ensure compliance and optimize cash flow.

  2. Training and Support: We provide extensive training to ensure credit union staff are well equipped.

  3. Risk Management: Our services help safeguard public deposits and maintain financial security.

  4. Customized Products: Tailored financial products meet the unique needs of each credit union.

  5. Advocacy and Compliance Support: We assist in navigating regulations and positioning credit unions competitively.

  6. Experienced Team: Our team's expertise ensures success in responding to Florida public funded 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 www.TruTreasury.com to discover how Tru Treasury can support your credit union in this new landscape.

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