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West Virginia State Treasurer’s Office outlines new collateral rules for public deposits at Jefferson County meeting
Summary
Representatives from the West Virginia State Treasurer’s Office presented the WV Security for Public Deposits Act, new collateral methods (Dedicated Single Bank and Multibank Pooled), tiered collateral levels by uninsured balances, reporting requirements and a restricted financial institution list related to energy-industry boycotts.
Shana Clay, Chief Operating Officer of the West Virginia State Treasurer’s Office Banking Services Division, presented an overview of new requirements for collateralizing public funds under the WV Security for Public Deposits Act (§12-1B-1 et seq.) at the Sept. 4 Jefferson County Commission meeting.
Key points included two authorized collateral methods—the…
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