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Senate expands treasurer's community bank and credit union investment program
Summary
S.B. (calendar 135) was passed to correct an earlier expansion error by adding federally chartered and out‑of‑state banks and reinstating federal credit unions to the treasurer's Community Bank and Credit Union initiative, broadening the pool of eligible institutions.
The Senate approved legislation to correct an unintended narrowing of the treasurer's Community Bank and Credit Union investment program. Sponsor Sen. Miller said the 2‑year expansion had unintentionally limited eligibility and that the bill restores intended scope by adding federal and out‑of‑state banks and reinstating federal credit unions removed in public act 23‑26.
Sen. Bursell and others spoke in support, noting the change aligns federally chartered institutions with state‑chartered counterparts and increases the program's impact in communities. The Senate ordered an immediate roll call and the legislation passed (Total voting 34; Ayes 34; Noes 0; Absentees 2).
