Bill > H4148

This bill allows municipalities, which are local government entities like cities and towns, to invest their funds in credit unions, which are member-owned financial cooperatives, and federal credit unions, which are federally chartered credit unions. Specifically, it amends existing laws to permit municipalities to deposit funds in federal credit unions, and to invest in paid-up shares or deposits of both state and federal credit unions, similar to how they can invest in banks. The bill also adds a provision that allows credit unions and federal credit unions to accept these public funds, with the stipulation that the total amount of public funds accepted by any single credit union cannot exceed twenty-five percent of its total assets. This change provides municipalities with more options for managing their money and potentially offers credit unions a new source of deposits.