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News Now

CU System
Assembly speaker signs up as key muni-deposit sponsor
TRENTON, N.J. (12/16/10)--New Jersey Assembly Speaker Sheila Oliver (D-34) has added her name as prime sponsor for legislation to reform the state's 40-year-old municipal deposits law to enable local government entities to include credit unions when considering potential depositories. According to the New Jersey Credit Union League, the measure's original sponsor, Assemblyman Fred Scalera (D-36), resigned his legislative post to accept a position in the private sector. The league worked to recruit an additional prime sponsor to replace Scalera on the bill (The Daily Exchange Dec. 15 and Dec. 13). The legislation passed the state Senate in June. The Assembly bill, which has two prime sponsors and eight co-sponsors, remains active, pending consideration in the Financial Institutions and Insurance Committee, the league said. Oliver's sponsorship is important because she presides over the lower house of the state Legislature and is among the state's most influential elected leaders, said the league.


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