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News Now

CU System
N.Y. CUs to Assembly Support muni-deposit choice
ALBANY, N.Y. (4/12/10)--The Credit Union Association of New York (CUANY), New York credit unions and a coalition of local government groups will be at the State Capitol for the next three days, calling on State Legislature to pass municipal deposit reform. Municipal deposit reform would allow local government entities such as towns, counties, school districts, fire districts and public libraries the option of depositing tax dollars in local credit unions or community savings banks. Currently, corporate banks have a monopoly on municipal tax deposits. The three-day government affairs advocacy conference, which begins today, will include legislative briefings, a press conference on Tuesday and visits to state legislators. "We are asking the State Assembly to join the Governor and State Senate in supporting municipal deposit choice," said William J. Mellin, president/CEO of CUANY. Calling the reform "much needed," Mellin said it would "help local governments save revenue, encourage more funds to stay local through community reinvestment, and create more opportunities for local residents to take out personal or small business loans." Mellin continued, "We're hoping that Speaker (Sheldon) Silver (D-64) and the Assembly--all of whom represent local governments, districts with credit unions, and thousands of credit union members--will do the right thing and support municipal deposit choice in the final budget. In short, municipal deposit puts more public dollars back on Main Street." Most states, including Connecticut and New Jersey, allow municipal deposit choice. Credit unions have the potential to help state and local officials in a way that doesn't cost state or local taxpayers anything, said CUANY.


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