SF0143

Authorizes Wyoming state and political subdivision treasurers to deposit public funds in credit unions in addition to banks.

• Amends the Board of Deposits to designate both banks and credit unions as eligible state depositories for receiving state funds. (W.S. 9-4-801)
• Establishes that credit unions may apply to become state depositories by submitting a written application with financial statements and a certified resolution, subject to board review and approval. (W.S. 9-4-802)
• Permits the state treasurer to deposit public monies in credit unions chartered under U.S. or state law that are conducting business in Wyoming and approved by the Board of Deposits. (W.S. 9-4-803(a))
• Allows credit unions to pledge collateral, securities, and letters of credit as security for state deposits, with the same requirements as banks. (W.S. 9-4-805)
• Requires credit unions designated as state depositories to furnish certified copies of board resolutions authorizing them to hold state or political subdivision funds. (W.S. 9-4-806(a), (b))
• Permits credit unions to satisfy deposit security requirements through coverage by the National Credit Union Share Insurance Fund in lieu of surety bonds for the insured portion of deposits. (W.S. 9-4-807)
• Establishes that time deposit, open account definitions and requirements apply equally to credit unions and banks. (W.S. 9-4-809, W.S. 9-4-810, W.S. 9-4-811)
• Protects the state treasurer from personal liability for losses due to credit union failure or insolvency if deposits were placed in accordance with law. (W.S. 9-4-812)
• Authorizes political subdivisions and municipalities to deposit funds in credit unions that qualify as depositories under the same standards as banks. (W.S. 9-4-817(a), (c)(i), (d)(ii))
• Requires political subdivisions to submit credit union deposit applications to their proper governing boards for approval and interest rate negotiation.