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News Now

CU System
N.J. Senate passes municipal deposits bill
TRENTON, N.J. (6/11/10)--The New Jersey Senate Thursday afternoon passed municipal deposits legislation supported by credit unions, according to the New Jersey Credit Union League. The vote was 29-6. S-1807 will enable counties, school boards, municipalities and other local government entities to use credit unions as depositories. The measure was sponsored by Senate President Steve Sweeney (D-3), Senate Republican Conference Leader Bob Singer (R-30) and Deputy Majority Leader Paul Sarlo (D-36). "This is an important day for credit unions and property taxpayers alike," said league President/CEO Paul Gentile after the vote. "While some tried to make this a bank vs. credit union issue, it's really more about choice, competition and saving taxpayer dollars," he said. He noted that the issue "will benefit all New Jerseyans." A companion bill introduced by Assemblyman Fred Scalera (D-36) and seven co-sponsors is pending consideration in the lower house. That bill will be reviewed by the Assembly Financial Institutions & Insurance Company committee, Chris Abeel, league director of governmental affairs, told News Now.


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