ST. PAUL, Minn. (4/25/12)--Minnesota Gov. Mark Dayton signed legislation late last week after the Minnesota Credit Union Network (MnCUN) and its governmental affairs department were successful in a push for credit union inclusion in the language of a bill involving deposits from public entities.
The public deposits bill (H.F. 2174) was part of an advocacy effort led by MnCUN's governmental affairs team to include credit unions as approved financial institutions able to redeposit funds from the state's cities and counties. The bill unanimously passed in the state House in March and the state Senate last week. It now includes credit unions alongside other financial institutions.
H.F. 2174 was a key focus for MnCUN's governmental affairs team this legislative session. The MnCUN-supported bill provides additional flexibility to financial institutions in Minnesota that accept public deposits.
"The signing of this public deposits bill recognizes the important role credit unions play in our communities," said MnCUN President/CEO Mark D. Cummins. "This bill equips credit unions for the future in enabling them to promote products and services associated with accepting these deposits."
Several other states also allow credit unions to accept deposits from public entities or else have legislation pending, including California, Illinois, Missouri, New Jersey, New York, Ohio, Oregon and Washington.
Another top priority for MnCUN's governmental affairs team was continuing to ensure that credit unions' tax-exempt status was protected as the state House and Senate considered tax reform legislation. The current state legislative session is expected to conclude soon.