AL HB344

Authorizes volunteer fire departments and rescue squads to deposit, invest, and manage funds in any federally insured financial institution (banks or credit unions insured by FDIC or NCUA)

Prohibits commingling of department/squad funds with private funds

Requires all deposits of public funds to comply with security, reporting, and auditing requirements under local, state, and federal law

Defines "federally insured financial institution" as any bank or credit union with FDIC or NCUA insurance that is chartered under state or federal law

Effective date: October 1, 2026