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Committee approves printing of RS 32240C1 to remove deposit cap and require collateralization for excess state deposits in credit unions
Summary
Senate State Affairs voted to print RS 32240C1 and refer it to the Senate Commerce Committee. The RS would remove a longstanding cap that limited state deposits in credit unions to the federally insured amount and would require collateralization for any uninsured deposits.
The Senate State Affairs Committee approved printing RS 32240C1, which would make two changes to the Idaho Credit Union Act: remove the cap that restricts state deposits in credit unions to the then-current federally insured amount, and require collateralization for any deposits above the federally insured level.
Zach Forrester, representing Idaho credit unions, told the committee…
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