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CU System
N.Y. association testifies for municipal deposits
ALBANY, N.Y. (1/27/10)--Credit Union Association of New York President/CEO William Mellin testified Tuesday in support of municipal deposits for credit unions at the state’s Joint Legislative Hearings on the 2010-2011 Executive Budget Proposal in Albany, N.Y.
Click to view larger image William Mellin (bottom left), Credit Union Association of New York president/CEO, testified to support municipal deposits for credit unions at a state joint legislative hearing on Tuesday in Albany, N.Y. (Photo provided by the Credit Union Association of New York)
During his testimony, Mellin urged lawmakers to support New York Gov. David Paterson’s proposal to give local governments the option of placing their municipal deposits in credit unions. Currently New York credit unions cannot accept municipal deposits. “Credit unions have the potential to help state and local officials in a way that doesn’t cost state or local taxpayers a dime, but instead will save them money and increase the range of options available to elected officials throughout the state,” Mellin said. “By embracing the concept of municipal depository choice, the governor has provided to the legislature a cost-effective means of maximizing the tax dollars of New Yorkers and providing local governments’ much-needed flexibility as they seek to save resources.” Mellin also noted that:
* The Federal Credit Union Act authorizes federal credit unions to accept municipal deposits; * California, Connecticut and New Jersey already authorize their credit unions to accept the deposits; and * The banking industry claims that credit unions are undeserving of the deposits because they are tax-exempt, but credit unions do pay taxes, including property and payroll taxes.
“At a time when all taxpaying citizens have been forced to pay for the missteps of the banking industry, that same industry should not be opposing legislation that does nothing more than provide localities a further option in seeking to minimize taxpayer dollars,” he said.


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