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News Now

CU System
N.J. municipal deposits bill reintroduced
TRENTON, N.J. (3/23/10)--Legislation that would amend New Jersey’s Government Unit Depository Protection Act to permit counties, school boards and municipalities to use credit unions as depositories was reintroduced by State Senate President Steve Sweeney (D-3), the state’s highest ranking legislator. Republican Conference Leader Bob Singer (R-30) has again signed-on as the prime co-sponsor, said the New Jersey Credit Union League (The Weekly Exchange March 15). Sweeney originally introduced the legislation in the 2008-2009 legislative session when he was majority leader. He also authored legislation enacted last year that allows the state’s director of investments to invest state cash management and pension funds in federally insured instruments offered by banks and credit unions. State Rep. Fred Scalera (D-36), together with Assembly colleagues Uprenda Chivukula (D-17), John Wisniewski (D-19) and five co-sponsors reintroduced the legislation in the state Assembly in January.


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