MS SB2637

Authorizes United States Treasury-certified Community Development Financial Institutions (CDFI) Fund Credit Unions with accounts insured by the National Credit Union Administration to qualify as public funds depositories in Mississippi

Allows these CDFI credit unions to accept deposits from counties, municipalities, and other local governmental units under the same requirements as FDIC-insured financial institutions

Requires qualifying CDFI credit unions to maintain a primary capital to total assets ratio of at least 5.5% and place collateral securities equal to at least 105% of deposits exceeding the insured amount with the State Treasurer

Permits CDFI credit unions that do not meet the capital ratio requirement to still receive public funds up to the amount covered by National Credit Union Administration insurance

Effective date of July 1, 2022