TAMPA, Fla. (May 03, 2024) — USF Federal Credit Union (USF FCU) CEO Richard Skaggs was honored to speak this past week at the signing of Florida House Bill 989 by Governor Ron DeSantis. The bill grants credit unions the ability to accept deposits from qualified public depositories such as state agencies, departments, universities, and colleges, marking a significant milestone for the credit union industry in Florida.
During his speech at the ceremony, Skaggs highlighted the mutual benefits of the legislation for credit unions and public institutions like University of South Florida (USF). He emphasized how the bill will enable institutions such as USF to invest in credit unions, leading to greater returns that can be reinvested in strategic initiatives. He also addressed how the legislation will enhance the welfare of credit union members by enabling them to expand investments in financial literacy programs and educational initiatives which will empower members across the community with the essential knowledge and skills needed to make well-informed financial decisions.
“This legislation is a win-win for both credit unions and public institutions,” stated Skaggs. “It will allow institutions such as the University of South Florida to invest in our credit union with a higher rate of return, allowing us to amplify our impact.”
USF FCU, along with other credit unions across Florida, is eager to participate in the program, which will commence on July 1. By expanding opportunities for credit unions to serve as public depositories, this legislation underscores their vital role in fostering financial empowerment and community development statewide.
“At USF FCU, we are committed to investing in the lives of our members,” Skaggs affirmed. “Last year we invested $7 million back to the University of South Florida and this bill allows the university to invest back in us with a greater return. We are grateful for this opportunity to expand our capacity and make a positive difference in our communities and we want to thank Governor DeSantis for his leadership and diligence to help credit unions better serve Floridians.”
For more information about USF FCU, visit usffcu.com.
About USF Federal Credit Union
USF Federal Credit Union offers a full range of financial services to the faculty, staff, students, alumni association members, and families of the University of South Florida. USF FCU serves more than 70,000 members with membership available through more than 40 Select Employee Groups and has assets of more than $1.1 billion. USF FCU is a recipient of the Florida Governor’s Sterling Award for Performance Excellence. Please visit usffcu.com for more information.
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