Bill > SF0143

This bill amends existing Wyoming state law to allow public monies to be deposited in credit unions, expanding the current provisions that previously only applied to banks and savings and loan associations. The legislation modifies multiple sections of state law to explicitly include credit unions as eligible institutions for receiving state and local government funds. Key changes include allowing credit unions to apply to become state depositories, requiring them to provide financial statements and resolutions, and subjecting them to the same rules as banks regarding deposit security, insurance, and interest rates. Credit unions must now be chartered under U.S. or state law, be conducting business in Wyoming, and be approved by the state board of deposits. They will need to provide security for deposits, such as bonds or other securities, and are required to have federal deposit insurance through the national credit union share insurance fund. The bill standardizes the treatment of credit unions with banks in terms of how public funds can be deposited, withdrawn, and managed, essentially treating credit unions as equivalent financial institutions for government monetary transactions. The legislation will become effective on July 1, 2025, providing time for credit unions and government agencies to prepare for the new regulations.

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https://www.wyoleg.gov/Legislation/2025/SF0143