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Michigan county adds CUs to investment options
LANSING, Mich. (11/11/09)--The board of commissioners in Oakland County, Mich., has amended the county investment policy to allow county funds to be deposited into credit unions, according to the Michigan Credit Union League (MCUL). The commissioners approved the amendment unanimously on Oct. 29 (Michigan Monitor Nov. 9). The county treasurer already had the authority to deposit funds into banks accounts, but the policy's original language did not mention credit unions, said the league. Oakland County is one of three metro Detroit counties and the second most populous county in the state. MCUL had encouraged credit unions there to contact members of the county's finance committee about the proposal. Since Michigan law allows credit unions to accept public funds and public fund managers continuously seek ways to diversify their investments in a struggling economy, the efforts were met with a positive response from county board members, said the league. "Credit union leaders did great work reaching out to the Oakland County finance committee on this matter, and now that the county treasurer has the authority to deposit money into credit unions, the county can diversify its investments in a way that is beneficial to local communities," said MCUL President/CEO David Adams. He added that the deposits are good for the local economy and a safe federally insured investment.
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