TALLAHASSEE, Fla. (2/27/15)--Public funds depository choice will be the top legislative priority of the Florida Credit Union Association (FCUA), when the Florida Legislature convenes Monday, the League of Southeastern Credit Unions (LSCU) said.
The first step for legislation to allow credit unions in Florida to become qualified public funds depositories has taken place (eSignal Daily Feb. 27). Bills have been filed in the Florida House--HB 907 sponsored by Rep. Bill Hager (R-Boca Raton)--and the Senate--SB 1154 sponsored by Sen. Rene Garcia (R-Hialeah).
Passing legislation to allow credit unions to qualify as depository institutions for public funds is being sought in Alabama as well.
"We believe this legislation would spur competition among eligible public depositories and create an opportunity for greater savings and returns on deposits," said LSCU President/CEO Patrick La Pine.
Currently, 33 states allow credit unions to qualify as depositories of public funds.
The FCUA will also press for legislation that requires higher data security standards by which merchants and vendors would be held accountable if they are responsible for compromised data, instead of leaving financial institutions such as banks and credit unions with the bill.
CUNA continues to urge lawmakers to pass legislation that would require merchants to adhere to the same strict payment data security standards that financial institutions must meet.
Also on the legislative docket is "patent troll" reform that would ban abusive patent demand letters and lawsuits that can harm the financial services industry.
Along with much of the business community, the FCUA is supporting requiring Florida high school students to take a half-credit class on financial literacy and personal finance management.