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News Now

CU System
Mich. county wants to deposit money in CUs
MOUNT CLEMENS, Mich. (10/26/09)--A Michigan county has asked its commission’s finance committee for a resolution so the county can deposit money at credit unions, according to a Michigan newspaper. Oakland County, which has an annual budget of $700 million, deposits money into banks through certificates and checking accounts. State law doesn’t prohibit counties from depositing money at credit unions--but doesn’t specifically allow it (Daily Tribune Oct. 23). County Treasurer Andy Meisner told the newspaper that there aren’t a lot of “safe options” available for investments. The move isn’t a “knock on banks,” but the county wishes to “take advantage of any safe opportunity out there,” he told the newspaper. The county’s investment policy is to promote safety, and depositing money in credit unions will allow it to fulfill that, Meisner added. If the county’s finance committee supports the resolution to allow deposits at credit unions, the measure will then move to the full 25-member commission for approval. Meisner said he expects bipartisan support for the measure, he told the paper.


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