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Committee advances bill letting credit unions compete for public deposits
Summary
The Minerals, Business & Economic Development Committee voted 8–0 to advance Senate File 143, a bill that would allow Wyoming credit unions to be eligible to receive public deposits alongside banks. Supporters said the change expands options for local governments; opponents warned of regulatory and tax differences between banks and credit unions.
Senate File 143, which would add “credit unions” to the list of financial institutions eligible to receive Wyoming public deposits, was advanced out of the Minerals, Business & Economic Development Committee on a voice/roll call vote of 8–0 with one excused.
The bill’s sponsor, Senator Teran Nethercott, told the committee the measure simply extends to credit unions the same opportunity currently enjoyed by state-chartered banks. “All it simply does is everywhere that our Wyoming banks are allowed to accept public deposits, we are adding the statement credit unions,” Senator Nethercott said, arguing that credit unions are subject to federal insurance and safety measures comparable to banks.
The bill would let local governments include credit unions on lists of approved depositories and allow…
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