HB1448 Summary

• Adds credit unions insured by the National Credit Union Administration to the definition of "bank" under Arkansas's State Treasury Management Law, alongside state banks, national banks, and out-of-state chartered banks.

• Allows credit unions to participate in the State Treasury Certificate of Deposit Investment Program if they are insured by the National Credit Union Administration and either have their principal office in Arkansas or legally operate a branch in the state.

• Includes National Credit Union Administration-insured credit unions in the annual list of eligible depositories for public funds that the Bank Commissioner must furnish to cities, counties, and other political subdivisions on December 1.

• Extends deposit insurance protections and regulatory compliance requirements to credit unions, placing them on equal footing with Federal Deposit Insurance Corporation-insured institutions for purposes of public fund deposits and collateral agreements.

• Directs the State Board of Finance to revise its rules to ensure credit unions insured by the National Credit Union Administration have the same rights and responsibilities as banks and other financial institutions insured by the Federal Deposit Insurance Corporation.