Public funds depositories; authorize certain credit unions to qualify as.
Impact
The legislation impacts Sections 27-105-5, 27-105-303, 27-105-305, 27-105-315, and 27-105-353 of the Mississippi Code, facilitating a broader inclusion of financial institutions for public fund deposits. This is poised to enhance local governments' flexibility in managing and securing municipal funds. The bill stipulates that these institutions must have accounts insured by the National Credit Union Administration, aligning them with other traditional banking institutions that have Federal Deposit Insurance Corporation coverage.
Summary
Senate Bill 2650 amends several sections of the Mississippi Code to include United States Treasury-certified Community Development Financial Institutions Fund Credit Unions as eligible to serve as public depositories of municipal funds. This amendment is significant as it expands the types of institutions that can hold public funds, thereby increasing the options available to counties and municipalities when selecting depositories. Prior to this change, only institutions with specific capital ratios and insurance coverage could qualify, which may have limited the pool of potential depositories.
Contention
Potential points of contention may arise from the perception of security risks associated with expanding the pool of depositories. Some critics might argue that the amendment could undermine financial stability, as different institutions have varying levels of capitalization and risk management practices. Conversely, supporters of the bill argue that this expansion will bolster competition, potentially leading to better interest rates and services for municipalities while aiding in community development efforts by allowing more local credit unions to participate in public financing.
Credit unions authorized to obtain insurance from a credit union share insurance provider, credit union share guaranty corporations regulated, and conforming changes made.
Enacting the Kansas bullion depository act to authorize the state treasurer to establish, administer or contract for the administration of bullion depositories and allowing for state moneys to be deposited in such bullion depositories and invested in specie legal tender.
Requires undergraduate students to file degree plan and requires institutions of higher education and certain propriety institutions to develop pathway systems to graduation.
Requires undergraduate students to file degree plan and requires institutions of higher education and certain proprietary institutions to develop pathway systems to graduation.
Establishes process for merger or consolidation of public institution of higher education with other institutions of higher education or certain proprietary institutions; requires executive and legislative approval of merger or consolidation.
Establishes process for merger or consolidation of public institution of higher education with other institutions of higher education or certain proprietary institutions; requires executive and legislative approval of merger or consolidation.
Relating to the issuance of a diploma to a student graduating from a public institution of higher education that has undergone a merger, acquisition, or name change.