Wyoming governor signs law allowing public deposits at credit unions

Wyoming credit unions will soon be able to accept public deposits following strong advocacy efforts from the GoWest Credit Union Association and Wyoming credit unions. Wyoming Gov. Mark Gordon signed legislation that takes effect July 1.

Senate Enrolled Act 28 authorizes credit unions to be designated as “public depositories” upon application and approval of the board of deposits.  This allows the state treasurer, local governments, and other political subdivisions to deposit funds in Wyoming credit unions, including participating in the state treasurer’s “time deposit, open account” program.

“We were very appreciative that many local government associations supported the public deposits legislation,” said GoWest Vice President of Legislative Affairs for Wyoming Bobbie Frank. “Credit unions look forward to offering another safe and sound, and local, depository option in our communities throughout the state”

More than half of states allow credit unions to accept public deposits. GoWest is currently coordinating virtual sessions for all Wyoming member credit unions with the GoWest team, state, and local offices to provide an overview of the requirements to serve as public depositories.