Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
5th CU Approved To Accept N.J. Municipal Deposits
TINTON FALLS, N.J. (1/6/14)--United Teletech Financial FCU, Tinton Falls, N.J., is the fifth credit union in New Jersey to secure eligibility to receive municipal deposits.

After filing its Governmental Unit Depository Protection Act (GUDPA) application, the credit union received its official notification of eligibility Nov. 25.

"This is a big deal and allows UTF to bid for the deposits of various public entities as they receive funding at the beginning of the year," Leo R. Ardine, president/CEO of $322 million-asset UTF FCU, told the New Jersey Credit Union League (Daily Exchange Jan. 3).

UTF FCU will be included on the list of eligible depositories for local government entities, municipalities and school districts in New Jersey's Monmouth, Middlesex and Ocean counties.

The league helped pass legislation in 2011 to allow credit unions to enter the $15 billion municipal depository market.

In Ohio, the Ohio Credit Union League and credit unions are urging state lawmakers to pass legislation that would allow credit unions to accept municipal deposits (News Now Dec. 30).

Other states that have laws on the books or are considering legislation to allow credit unions to accept public deposits include California, Illinois, Missouri,  New York, Oregon and Washington.


RSS





print
News Now LiveWire
Watching #SuperBowlXLIX this Sunday? Look for regional #creditunion #commercials @CltMetroCU @BECU @golden1cu #Seahawks #Patriots
14 hours ago
Philadelphia's American Bakery Workers FCU liquidated by @TheNCUA; @trumarkonline assumes shares
15 hours ago
More branch shutterings by @Citi: 4th-largest bank to close 10% of #Chicago area branches HT @CrainsChicago http://t.co/2vAvgucLY5
16 hours ago
56% struggle with subprime credit scores says @cfed survey HT @washingtonpost http://t.co/RHmMvuhNtw
16 hours ago
How to use social media for crisis communications Feb. 10 webinar from @SBAgov, @AgilityRecovery http://t.co/d16t8RHr7n
17 hours ago