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News Now

CU System
N.Y. CUs advocate on Municipal Deposits Action Day
ALBANY, N.Y. (4/9/09)--Representatives from New York credit unions and the Credit Union Association of New York met in Albany March 31 for Municipal Deposits Action Day to discuss legislation that would allow municipalities to deposit funds at credit unions.
Click to view larger image New York credit unions and the Credit Union Association of New York met with legislators last month to discuss legislation that would allow credit unions to accept municipal deposits. From left are: William J. Mellin, president/CEO, the association; Steven Kohlman, associate vice president, Teachers FCU, Farmingville; Barry Stilwell, CEO, Canandaigua (N.Y.) FCU; Amy Kramer, vice president, the association’s governmental affairs and Leona Haberstro, association advocacy specialist; Rep. Sam Hoyt (D-Buffalo) and Cheryl Halter, CUANY legislative analyst. (Photo provided by the Credit Union Association of New York)
New York law requires state and local governments to deposit their funds in commercial banks. Two bills--S.1793 and A.4370--in the state’s Senate and Assembly would allow state and federal credit unions, savings and loan institutions and federal savings associations to accept municipal deposits. Two other pieces of legislation, S.717 and A.4319, contain an option in which the local governing body would designate the financial institution by resolution. The option also limits the amount that each financial institution can accept for deposit up to $1 million per municipality. Representatives met with their legislators and reiterated how credit unions play a vital role in the state economy. Credit unions told legislators they are approached by representatives from local fire departments, libraries, schools and villages about deposits. Municipalities facing tight budgets could see financial benefits from working with credit unions and taxpayers’ funds would stay local, the association said.


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