Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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
Goodwill Industries latest to report data security breach http://t.co/gIaXNsT4Bk
3 hours ago
CUNA economist Schenk discusses regulators' focus on interest-rate risk. See CU Magazine: http://t.co/tW1p9rTSSv
5 hours ago
Fed issues annual report on general-use prepaid cards in gov't-administered payment programs. http://t.co/3zPhejSPZt
5 hours ago
Children in foster care face higher risk of identity theft via @NBCNews http://t.co/Dif0hCfBdA
5 hours ago
.@Cornerstone_CUL's leadership conference includes food drive for San Antonio food bank http://t.co/h2O8O4TxuD
6 hours ago