FL H0721

Credit unions may be designated as qualified public depositories under Florida's public deposits program, requiring FDIC or National Credit Union Share Insurance Fund coverage and compliance with Chapter 280 requirements

Chief Financial Officer may not designate a credit union as a qualified public depository unless at least five credit unions submit required agreements, collateral agreements, and signed statements from public depositors indicating intent to deposit funds

Credit unions designated as qualified public depositories must guarantee public depositors against losses caused by default or insolvency of other credit unions in the program, with funds segregated separately from bank/savings association deposits

Chief Financial Officer may limit the amount of public deposits a credit union may hold to protect program integrity and must withdraw from collateral agreements if fewer than five credit unions participate for 90 calendar days

Administrative penalties up to $1,000 per day may be assessed against qualified public depositories, banks, credit unions, savings associations, or custodians that violate cease and desist or corrective orders