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News Now

CU System
Maine legislature adjourns without municipal deposits bill
AUGUSTA, Maine (4/25/08)--An amendment to a Maine bill that would have allowed state and municipal agencies to deposit funds in credit unions--already allowed in banks and thrifts--died Friday with the adjournment of the state legislature from its current session. “We let it die. It wasn’t our bill to begin with, and in fact was an amendment to the bill,” said Jon Paradise, manager of government/public affairs for the Maine Credit Union League. The bill, Legislative Document 2226, titled “An Act to Amend the Laws Governing the State’s Cash Investment Policies,” was introduced originally by a state senator. The amendment was made by the state treasurer, Paradise told News Now. It was basically a policy issue with the state treasurer and would have put some restrictions on the treasurer’s office, Paradise explained. “We let the bill die because it wasn’t worth placing our credit union friends on both sides of the aisle [in the state legislature] in an uncomfortable position of trying to help credit unions, but also being against other provisions of the bill,” Paradise said. Bankers opposed the bill because they didn’t want credit unions to obtain the enhanced deposit capabilities, Paradise said. If there is enough interest from credit unions, the league intends to introduce a stand-alone bill in the next state legislative session in January that would give credit unions the deposit capability without involving other policy issues, Paradise said.


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