Cattlemen and Credit Unions
Posted by Bobbie Frank on December 8, 2023
Wyoming’s Credit Unions/GoWest Credit Union Association was one of the sponsors of the Wyoming Stock Growers Association convention held this week in Casper, Wyoming.
As part of our efforts to expand the Wyoming Credit Unions voice and grow our coalitions on priority credit union issues, supporting and participating in events such as this gives an opportunity to talk about issues affecting not only us but our members, including those in the agriculture industry.
A Wyoming credit union has raised an issue that affects their ability to serve their agriculture members. An ag producer member was approved for a project through Wyoming’s State Land and Investment Office’s state farm loan programs.
Once the state approves a project application, the funds are to be dispersed to the producer’s financial institution. This producer wanted the loan funds sent to his credit union. The credit union was advised by legal counsel that they should not accept these state public funds given the terms and conditions of the deposit. The GoWest team is currently working with the State Land’s Director and Deputy Director to determine if they concur.
However, as it stands today this is another hurdle in the way of Credit Unions serving Wyoming members due to the issue of not being eligible to accept public funds. If your credit union has a similar experience, please reach out to Bobbie Frank.