Public funds depositories; authorize certain credit unions to qualify as.

SB 2421 would allow certain credit unions certified by the U.S. Treasury as Community Development Financial Institutions Fund (CDFI) credit unions - insured by the National Credit Union Administration - to qualify as public funds depositories in Mississippi. This means counties, municipalities, and other local governments could deposit public funds into these credit unions, provided they meet a minimum 5.5% regulatory capital ratio and pass annual financial certification by the State Treasurer. The bill expands existing depository eligibility beyond traditional banks to include these specific credit unions, requiring them to secure funds with 105% of uninsured public deposits in approved securities. It does not change how public funds are managed but broadens the pool of qualified financial institutions for local governments to use.