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FL S0918
Bill
AI Summary
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Expands the definition of "custodian" and "qualified public depository" to include credit unions in addition to banks and savings associations.
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Adds credit unions to the reporting requirements for financial institutions by requiring submission of the National Credit Union Administration 5300 Call Report to the Chief Financial Officer.
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Updates the definition of "capital account" to reference the National Credit Union Administration 5300 Call Report alongside existing banking reports.
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Modifies insurance requirements for qualified public depositories to include coverage under both the Federal Deposit Insurance Corporation and the National Credit Union Share Insurance Fund.
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Requires public depositors to submit evidence of insurance under either the Federal Deposit Insurance Act or Federal Credit Union Act when claiming losses from insolvent institutions, effective July 1, 2013.
Legislative Description
Public Depositories
Last Action
Died in Banking and Insurance
5/3/2013