Florida Senate - 2024                          SENATOR AMENDMENT
       Bill No. CS/CS/CS/HB 989, 1st Eng.
       
       
       
       
       
       
                                Ì699538[Î699538                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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                Floor: 3/AD/2R         .           Floor: CA            
             03/06/2024 05:37 PM       .      03/07/2024 09:53 PM       
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       Senator DiCeglie moved the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Between lines 2936 and 2937
    4  insert:
    5         Section 66. For the 2024-2025 fiscal year, the sum of
    6  $250,000 in general revenue funds is appropriated to the
    7  Department of Financial Services to contract with an appropriate
    8  vendor to prepare a report pursuant to the requirements of this
    9  section, providing findings and recommendations related to
   10  depositing public funds with credit unions in this state. The
   11  Chief Financial Officer shall provide the report to the
   12  Governor, the President of the Senate, and the Speaker of the
   13  House of Representatives by January 15, 2025.
   14         (1) At a minimum, the vendor preparing the report shall
   15  review all of the following:
   16         (a) The policies, procedures, and practices of other states
   17  related to qualified public depositories and the treatment of
   18  credit unions.
   19         (b) Best practices for public deposits and public
   20  depositories, including compliance responsibilities, collateral
   21  requirements, and other features of public deposits laws and
   22  regulations.
   23         (c) Federal laws and regulations related to the governance
   24  of allowing credit unions to serve as public depositories.
   25         (d) Input from industry stakeholders and experts, including
   26  state and national associations, credit unions, federal
   27  administrations including the National Credit Union
   28  Administration, and research institutions.
   29         (2) The vendor shall study the effects of authorizing state
   30  funds to be deposited with credit unions. Consideration must be
   31  given to evaluating the return on investment to the state,
   32  direct and indirect benefits to the state, and statewide impacts
   33  on jobs, businesses, and state agencies.
   34         (3) The vendor shall evaluate current state deposits and
   35  make recommendations on the feasibility of depositing state
   36  funds with credit unions in this state, the scope of appropriate
   37  state funds for such deposits, and any statutory provisions
   38  necessary to carry out the recommendations.
   39         (4) The vendor shall study the effects of authorizing local
   40  government funds to be deposited with credit unions.
   41  Consideration must be given to evaluating the direct and
   42  indirect benefits to the local area, estimated immediate and
   43  long-term impacts on current depositories, and impacts on other
   44  businesses, jobs, and the local economy.
   45  
   46  ================= T I T L E  A M E N D M E N T ================
   47  And the title is amended as follows:
   48         Delete line 276
   49  and insert:
   50         Association; providing an appropriation; requiring the
   51         Chief Financial Officer to submit a report to the
   52         Governor and the Legislature by a specified date;
   53         providing requirements for the vendor in preparing the
   54         report; providing effective dates.