Creates new provisions relating to banks that secure public funds

SB 657 modifies Missouri law to simplify how banks secure public funds. It removes the requirement for banks to provide extra security (like collateral) for deposits covered by federal FDIC insurance. For amounts exceeding FDIC limits, banks can now choose between two options: securing each government entity’s funds separately with securities, or using a shared "single pool" of securities covering multiple entities. The pool must always be worth at least 102% of uninsured funds, and an administrator appointed by the state finance director will manage it to protect public deposits. This directly affects Missouri banks holding public funds and government entities (like cities or counties) that deposit money with them.