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State Senator Jane Raybould of Lincoln introduced LB 483 which would add federally insured credit unions to the list of permissible depositories for public funds for counties, municipalities, and other political subdivisions. The bill amends the definition of qualifying mutual financial institutions to include credit unions.

The bill was brought to Senator Raybould by the Nebraska County Officials Association (NACO) on behalf of their members. “We applaud Senator Raybould for working with NACO to provide local governments across Nebraska more options when it comes to safely depositing public funds into a federal insured financial institution” said, Scott Sullivan, President/CEO of the League. Nebraska would become the 26th state to allow political subdivisions to consider credit unions for their public deposits.