Several credit union leaders gather around Florida Gov. Ron DeSantis as he signs HB 989 into law on Thursday, May 2, 2024.
Credit/LSCU
On Thursday, Florida Gov. Ron DeSantis signed into law a piece of historic legislation that allows credit unions to be designated as public depositories, which will enable credit unions to do business with certain public entities – a space once reserved only for banks.
According to the Governor's Office, House Bill 989 accomplishes the following:
- Increases protection for customers of financial institutions operating in Florida from unwarranted account cancellations and restrictions through a coordinated complaint and investigatory process within the Office of Financial Regulation.
- Removes Florida's exclusive preference of holding public funds with banks, particularly with out-of-state big banks, by allowing community-based credit unions to hold public funds.
- Permits the CFO to have a dedicated consumer-liaison for assistance dealing with the Federal Internal Revenue Service.
Officials with the League of Southeastern Credit Unions (LSCU) praised the signing, calling it "a transformative step that opens up new avenues for credit unions."
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
