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CU System
Ask Governor show to feature CUs message
HIGHTSTOWN, N.J. (2/24/11)--New Jersey credit unions will take their municipal deposit message to the airwaves today during NJ 101.5 FM’s “Ask the Governor” radio show during which Governor Chris Christie answers the questions of audience viewers. As a sponsor of the broadcast, credit unions will deliver the municipal deposit reform message four times during the one-hour show, which begins at 7 p.m. ET. Credit unions receive requests from municipalities, school boards and other county and local public entities to bid on depository relationships. These requests have multiplied in recent years as municipalities try to save taxpayer dollars, said the New Jersey Credit Union League (NJCUL) (The Daily Exchange Feb. 23). While municipal deposits are permitted in nearly one-half of the states, credit unions are specifically precluded from becoming eligible depositories for New Jersey local government entities under the state’s forty-year old Governmental Unit Depository Protection Act. NJCUL maintains that allowing local government entities to include credit unions among potential depositories would promote competition among providers of government banking services and save taxpayer dollars. Selecting a credit union as a depository would increase the likelihood that taxpayer dollars would be invested back to the respective communities through lending, promoting local economic development. “NJCUL is working hard to make sure everyone knows the benefits of municipal deposit reform, and this radio show is the first move in a push to make sure we get the support of New Jersey’s residents,” said Paul Gentile, NJCUL president/CEO.


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