HB 987 - Public Deposits Summary

• Amends Florida's public deposits law to include credit unions alongside banks and savings associations as qualified public depositories, with specific requirements and controls.

• Requires the Chief Financial Officer to maintain at least four credit unions (either designated or applying) to approve new credit union designations, and mandates withdrawal from collateral agreements if this threshold drops below five.

• Establishes procedures for credit union suspension, disqualification, and reinstatement, and authorizes the CFO to limit public deposit amounts in individual credit unions to protect program integrity.

• Modifies loss-sharing provisions to segregate credit union assessments and proceeds from bank assessments within the Public Deposits Trust Fund, with credit union administrative penalties deposited separately.

• Effective date: July 1, 2023; reenacts multiple related statutes to incorporate amendments defining qualified public depositories to include credit unions.