AR SB257

Adds credit unions insured by the National Credit Union Administration (NCUA) to the definition of "bank" and "bank depository" under Arkansas Treasury Management Law, allowing them to serve as depositories for public funds.

Establishes parity between NCUA-insured credit unions and Federal Deposit Insurance Corporation (FDIC)-insured banks by including credit unions in all relevant statutes governing public fund deposits and investments.

Permits NCUA-insured credit unions with principal offices or branches in Arkansas to participate in the State Treasury Certificate of Deposit Investment Program on the same terms as banks and savings institutions.

Requires the State Board of Finance to revise its rules by January 1, 2020, to ensure credit unions have the same rights and responsibilities as FDIC-insured institutions under the State Treasury Management Law.

Modifies annual eligible depository lists and depository agreement provisions to recognize NCUA-insured credit unions and allow governmental entities to deposit public funds in qualifying credit unions.