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SF 143

Public monies-deposits in credit unions.

2025 Regular Session Introduced by Abby Angelos and 12 co-sponsors

Authorizes Wyoming public funds to be deposited in credit unions (federal/state chartered) approved as public depositories, with collateral and oversight protections.

Assigned Chapter Number 58
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Bill Summary · SF 143

Summary — SF 143 (Enrolled Act No. 28, Chapter 58, 2025)

Main purpose

SF 143 authorizes Wyoming state and local public monies to be deposited in federally- or state-chartered credit unions that do business in Wyoming and makes conforming amendments across the public deposit statute (W.S. 9-4-801 through 9-4-818). The act updates deposit, security and designation procedures so credit unions may be designated and treated comparably to banks and savings & loan associations as public depositories.

Key provisions and changes

  • Expands eligible depositories to explicitly include credit unions (federal or state chartered) that conduct business in Wyoming and are approved by the Board of Deposits (W.S. 9-4-801 through 9-4-818).
  • Application and designation:
    • A bank or credit union must file a written application with the secretary of the Board of Deposits, including a sworn financial statement and certified resolution authorizing it to act as a depository (W.S. 9-4-802).
    • The Board reviews applications, certifies approved depositories to the bank collateral officer, and may revoke designation. Designated depositories must submit periodic statements and other information as required.
  • Security for deposits:
    • Depositories may secure public funds by pledging bonds, debentures or other securities acceptable to the state treasurer, letters of credit issued by a Federal Home Loan Bank, or pledging first mortgages of Wyoming real estate and associated notes at a 1.5:1 ratio.
    • Deposits insured by FDIC or the National Credit Union Share Insurance Fund count as eligible security for the insured portion; uninsured portions must be secured by approved collateral.
    • Pledges must include written assignments vesting legal title to the state and provisions allowing the state to liquidate collateral upon default.
  • Administrative items:
    • Clarifies bank/collateral officer roles and notice requirements (e.g., a state depository must notify the secretary of regulatory enforcement actions).
    • Clarifies that time deposits may not be withdrawn prior to maturity without 45 days’ written notice (absent depository default).

Who is affected

  • State treasurer and treasurers of political subdivisions (new options for where to place public monies).
  • Credit unions seeking to be state or local depositories (new business opportunity; must meet application and collateral rules).
  • Banks, savings & loan associations (face increased competition for public deposits).
  • Bank collateral officer and Board of Deposits (administration of approvals and collateral).

Procedural / timeline notes

  • Introduced January 28, 2025. Passed Senate (3rd reading 19–8–4) and House (3rd reading 46–14–2).
  • Governor signed enrolled act (SEA No. 0028) and it was assigned Session Laws Chapter No. 58 on February 27, 2025.
  • Companion bill: HF 667.

Fiscal note

  • Legislative Service Office fiscal note: “No significant fiscal or personnel impact.”

Notable amendment (failed)

  • A floor amendment (SF0143S2001) would have prohibited deposit of public monies in a credit union unless the credit union was within 10 miles of the treasurer’s office and no qualifying bank existed within 10 miles. That amendment failed.

This act brings credit unions into the statutory framework for authorized public depositories while preserving collateral/security and oversight mechanisms intended to protect public funds.

Compiled from official sources — confirm details with the bill’s official record.

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