Florida Banking September 2023

GOVERNMENT RELATIONS

LIKE A BAD SEQUEL - THE CREDIT UNIONS ARE COMING FOR YOUR PUBLIC DEPOSITS AGAIN! BY ANTHONY DIMARCO, FBA EXECUTIVE VICE PRESIDENT AND DIRECTOR OF GOVERNMENT AFFAIRS

J ust like sequels to bad movies, the credit unions are coming back for your public deposits in the 2024 Session! Their state PAC has outraised ours and they are beginning to hire more outside lobbyists for the upcoming Session. Moreover, credit unions are buying community banks across the state at an alarming rate. Our fight with credit unions over public deposits has been going on since 2009 when they made their first legislative attempt to take them. We have been able to

Kenneth, Alex, Gina and I are working to stop this bad legislation. While this is great help, our best advocates are our members. What can you do? First, talk to your local legislator now. It is better to tell them about our issue now instead of right before they vote. Also, attend any legislative event we host in your area. These smaller events work well to help legislators get to know their local bankers. Finally, we ask that

beat them back; however, they are taking their advocacy to a new level for the 2024 Session. How are they going about this? The credit union PAC has raised more than $365,000, with four credit unions contributing almost $173,000. One alone, Suncoast, has contributed $89,000 to their PAC. Because they outraise us, they can also outspend us. The credit unions have donated more than $370,000 so far for the 2024 election cycle to state candidates, parties and leadership funds. They have

you quickly and forcefully answer our Calls to Action when issued. Your response will be even better received if you have taken the time to get to know the legislator back at home before Session.

“MAKE NO MISTAKE, CREDIT UNIONS ARE COMING FOR PUBLIC DEPOSITS NEXT SESSION, AND THEY ARE COMING HARD.”

You will be surprised how strong your message is with legislators. More than once I have heard legislators say,“My banker called me about this, and I need to vote with them,” or “I met my local banker when I was first running for office, and he explained this issue to me when he helped on my campaign.” It makes us feel much better when we hear these words from legislators. Make no mistake, credit unions are coming for public deposits next Session, and they are coming hard. We promise that we will do everything in our power to kill this bad piece of legislation. We hope we can count on your help as well. Thank you.

consistently outspent us and will do so again this year. The credit unions are also hiring more lobbyists to push their issue. Not only have they hired two of the best lobbying firms in Tallahassee, but VyStar has hired two in-house lobbyists to push this issue. It seems like I am hearing from another lobbyist every day, letting me know they are looking for more outside lobbyists to put on contract.

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