Treasurer Pack Announces Pledge WV Online Collateral System is Live Now
CHARLESTON W.Va. – State Treasurer Larry Pack has launched the Pledge WV Online Collateral System, a new online portal designed to help protect public funds deposited in financial institutions throughout the state. “Protecting taxpayer dollars is one of our most important responsibilities,” Treasurer Pack said. “The Pledge WV Online Collateral System provides a secure way to ensure public deposits are properly collateralized while making the process easier for our financial institution partners and increasing transparency for public entities across West Virginia.” The system was created following passage of the West Virginia Security for Public Deposits Act during the 2022 legislative session. The law made the Treasurer’s Office responsible for ensuring public funds deposited in financial institutions are properly collateralized and protected. Under state law, public deposits made by the state and its political subdivisions must be held at approved Designated State Depositories and backed by pledged collateral. The Treasurer’s Office oversees that process to help safeguard taxpayer dollars. The Pledge WV Online Collateral System gives financial institutions one centralized location to report monthly public fund account balances. The Treasurer’s Office will compare those balances with pledged collateral held by its Safekeeping Agent to verify that public funds remain properly collateralized in accordance with state law. The system also gives public depositors the ability to monitor the collateralization of their deposits and complete the annual attestations required by state code. Financial institutions should designate one representative to visit the Pledge WV website, click “Financial Institution Enroll,” and complete the Enrollment Form. As financial institutions transition collateral to the benefit of the State Treasurer, public entities may be contacted to assist with the process. Their cooperation will help ensure a smooth process. Public entities should also designate one representative to visit the Pledge WV website, click ‘Public Depositor Enroll,” and complete the Enrollment Form. The website also allows users to confirm whether their financial institution is an approved Designated State Depository and learn more about the Pledge WV program. For additional information, contact the West Virginia State Treasurer's Office Collateral Division at [email protected] or call the Collateral Hotline at (304) 340-5020. Read the full article