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Committee introduces RS 32240C1 to remove insured-deposit cap for state funds at credit unions with collateral requirement
Summary
Senate State Affairs printed RS 32240C1 to remove a longstanding cap that limited state deposits in credit unions to the federally insured amount and require collateral for uninsured balances; motion to print passed and the measure will be referred to the Senate Commerce Committee.
Zach Forrester, representing Idaho credit unions, asked the Senate State Affairs Committee to print RS 32240C1, a reviser’s sheet that would amend the Idaho Credit Union Act by removing a decades-old cap that limited state deposits in credit unions to the federally insured amount and establishing a collateral requirement for uninsured deposits.
“For the first change, it removes…
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