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News Now

CU System
Municipal officials back N.J. deposits measure
HIGHTSTOWN, N.J. (1/13/09)--New Jersey state municipal officers and mayors have contacted the New Jersey League of Municipalities to support legislation that would allow credit unions to become municipal depositories, said the New Jersey Credit Union League. The league has met with the League of Municipalities and the New Jersey Association of Counties. If the legislation is approved, credit unions could take deposits for the state’s 21 counties, 566 municipalities and 611 school districts (The Weekly Exchange Jan. 5). On Jan. 7, league President Paul Gentile and Director of Government Affairs Chris Abeel met with the New Jersey Community Affairs and its Division of Local Government Services to brief them on pending legislation that would allow credit unions to be depositories for municipalities and school boards under the state Government Unit Depository Protection Act (GUDPA). The league also is scheduling meetings with the New Jersey School Boards Association. The legislation, which would amend GUDPA, was introduced by State Senate Majority Leader Steve Sweeney (D) and State Reps. Fred Scalera (D) and Doug Fisher (D). “Support from such groups is essential to making the case that while credit unions will benefit from the legislation, it is good public policy and in the best interest of New Jersey taxpayers, who will be the true beneficiaries,” the league said.


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