The Florida House on Wednesday passed a financial-services bill that drew debate because of an 11th-hour amendment that opponents said could pose a threat to community banks.
The amendment, added to the bill Tuesday, deals with the practice of government agencies depositing money in banks. Such deposits must be made in banks, but credit unions have lobbied to also be able to take the deposits.
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The bill (HB 487) passed Wednesday involved a series of issues related to the state Department of Financial Services. But the amendment Tuesday would lead to credit unions being designated as
“public depositories” if banks don’t properly comply with a separate bill (HB 3) designed to prevent consideration of “environmental, social and governance” standards in financial decisions. That bill, which awaits action by Gov. Ron DeSantis, includes requiring banks to submit an “attestation” that they don’t engage in practices such as denying or canceling services to people based on “political opinions, speech or affiliations.”
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The bill passed Wednesday would lead to credit unions being designated as public depositories if banks don’t provide such attestations. Rep. Randy Maggard, R-Dade City, and Rep. Allison Tant, D-Tallahassee, objected to the change, saying it would hurt community banks that take public deposits. “This amendment wrecks this bill for me,” Tant said. The bill, sponsored by Rep. Michelle Salzman, R-Pensacola, will go to the Senate.
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