Florida CUs Eye Public DepositsLaw

September 06, 2002, 1:00 a.m. EDT 1 Min Read

TALLAHASEE, Fla. - (11/06/02) -- Florida credit unions are expectedto lobby state legislators next year to amend state statute toenable state agencies and municipalities in the Sunshine State todeposit funds in federally insured credit unions. Arecent legal opinion letter provided by NCUA to the Florida CULeague cleared federally insured credit unions to accept municipaldeposits. Aletta Schutes, chief lobbyist for the state league, saidshe expects the issue to create a major legislative battle as banksand thrifts try to maintain their hold on municipal deposits. "I'vebeen waiting for this legal opinion for nine-and-a-half years," shetold The Credit Union Journal. In an Oct. 4 legal opinion, NCUAtold Shutes the agency has reconsidered its long-standing policy onthe issue and believes that its recently adopted incidental powerswill allow federally insured credit unions to accept publicdeposits.

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