Wyoming flag. Credit: Oleksii/Adobe Stock
In a major win for Wyoming’s credit unions and their local communities, Governor Mark Gordon signed Senate Enrolled Act 28 (SEA 28) into law earlier this month, enabling credit unions to serve as public depositories for the first time in state history.
The new law, which goes into effect July 1, 2025, allows credit unions in Wyoming to accept public funds from the state treasurer, local governments and other political subdivisions, including participation in the state treasurer’s “time deposit, open account” program. This marks a significant expansion of financial options for public entities and recognizes the strength and soundness of the credit union system.
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“Credit unions look forward to offering another safe and sound, and local, depository option in our communities throughout the state,” said Bobbie Frank, the GoWest Credit Union Association’s Vice President of Legislative Affairs for Wyoming. “We were very appreciative that many local government associations supported the public deposits legislation.”
To be designated as public depositories, credit unions must apply and be approved by the state’s Board of Deposits, a responsibility held by the State Loan and Investment Board, which is comprised of Wyoming’s top five elected officials.
More than half of U.S. states already permit credit unions to accept public deposits. SEA 28 brings Wyoming in line with national trends and caps a successful legislative session for the state’s credit unions. GoWest will host virtual sessions with state officials and credit union representatives to ensure readiness ahead of the July implementation date.
The signing of SEA 28 concluded a strong legislative push that also saw the passage of bills supporting electronic titling systems and irrevocable letters of credit, expanding service capabilities for Wyoming’s credit unions across the board.
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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.
