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Florida Credit Unions Designated as Public Depositories


FAIRWINDS President/CEO Larry Tobin commented on this historic legislation in national trade magazine

Photo Credit: LSCU

Photo Credit: LSCU

FAIRWINDS Credit Union President and CEO Larry Tobin was quoted by Credit Union Times regarding a new law that will enable credit unions to do business with certain public entities – a space once reserved only for banks. On May 3, Florida Gov. Ron DeSantis signed the historic piece of legislation allowing credit unions to be designated as public depositories.

Tobin told editors at the national credit union trade publication that the signing of HB 989 is a "significant win for credit unions in Florida on several fronts.” He continued, “This expands the scope of potential deposit sources from certain public entities, including state universities. The potential increase of deposits not only strengthens our liquidity position, it also diversifies the funding base, enhancing overall financial stability.”

Similar perspectives from Tobin appeared in the Orlando Business Journal and sister publications in Tampa and Jacksonville.