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CU System
INY Daily NewsI endorses municipal deposit choice
NEW YORK (4/20/10)--The New York Daily News Sunday endorsed municipal deposit choice, which would allow New York government agencies to put their money into credit unions and community banks. The state Senate already has passed a budget resolution with support for municipal deposit choice. Currently, the law gives corporate banks a monopoly on municipal deposits. “There’s no earthly reason why the city should be barred from [placing its money in credit unions and community banks],” the paper said. “Allowing the Bloomberg administration to deposit public funds in these credit unions makes all the sense in the world,” the paper added. “But it will require Albany lawmakers to wake up and realize that, in this election year, voters will be keeping close tabs on which pols supported Wall Street over Main Street.” Credit unions offer consumers great deals, the newspaper said. “Small but effective institutions on the lower East Side, in the South Bronx, East Harlem and Central Brooklyn have been helping working-class families save money, send kids to schools and start home-based businesses,” the paper added.
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