Allows credit unions to obtain insurance for accounts from private organizations, with oversight by the Office of Financial Regulation.

This bill amends Florida Statutes to allow credit unions to obtain insurance for their accounts from either the National Credit Union Administration or a qualified private organization. A qualified private organization is defined as an insurance company licensed in Florida. The Office of Financial Regulation can prohibit such organizations from providing insurance if they lack the necessary resources or bylaws to protect accounts. Prohibited organizations can seek judicial review. The changes take effect July 1, 2026.

Allows credit unions to obtain insurance for accounts from private organizations, with oversight by the Office of Financial Regulation.

This bill amends Florida Statutes to allow credit unions to obtain insurance for their accounts from either the National Credit Union Administration or a qualified private organization. A qualified private organization is defined as an insurance company licensed in Florida. The Office of Financial Regulation can prohibit such organizations from providing insurance if they lack the necessary resources or bylaws to protect accounts. Prohibited organizations can seek judicial review. The changes take effect July 1, 2026.