Public deposits; credit unions.

Public deposits; credit unions. Authorizescredit unions to hold public deposits and become qualified publicdepositories. The bill provides that the Commonwealth and counties, cities, towns, and other political subdivisions of the Commonwealthmay become members of a credit union for the purposes of placingdeposits in and receiving services from the credit union. The billdirects the Treasury Board to designate a rating service to evaluatethe creditworthiness of any credit union seeking to become a qualified public depository within 180 days of enactment. The bill also requiresthe Treasury Board to promulgate emergency regulations to implementthe provisions of the bill.