Katie BaileyFlorida credit unions are now authorized to accept Qualified Public Deposits (QPDs) under Chapter 280 of Florida Statutes.
Becoming a QPD offers several advantages, including the ability to expand the deposit base, strengthen liquidity, and build stronger community relationships. It also enhances a credit union’s reputation as a trusted financial partner and demonstrates the capacity to manage large institutional accounts.
While QPD status offers significant benefits, credit unions must ensure compliance with several important considerations. These include collateralizing public deposits with eligible assets, managing deposit limits and liquidity, and adhering to reporting requirements with the Florida CFO’s office. Credit unions should also be prepared for potential large withdrawals and ensure they have appropriate internal controls and staff training in place.
To get started, credit unions must apply to the Florida Chief Financial Officer for QPD designation, secure collateral for the deposits, and comply with ongoing regulatory requirements. They must also formalize agreements with government entities depositing funds.
Below, you can find a checklist to ensure your credit union meets the requirements for the application and additional resources:
- QPD Application Checklist
- Chapter 280, Florida Statutes
- Florida Administrative Code 69C-2
- Sample QPD Policy (Not Required)
- Florida Treasury’s Bureau of Collateral Management – Qualified Public Depositories
- Approved Public Depositories & FAQs
For further guidance or questions, contact the Bureau of Collateral Management at PublicDeposits@myfloridacfo.com or call (850) 413-0614.
You can also reach out to our Compliance Team at compliance@the-league.coop for additional information.
