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News Now

CU System
N.Y. senator adds voice to municipal deposits
BROOKLYN, N.Y. (4/1/10)--A New York state senator who introduced a municipal deposits choice bill last year reiterated his support Wednesday for municipal deposit choice, adding to the swell of support the issue has been receiving. New York Sen. Kevin Parker sent an opinion editorial to News Now outlining the reasons why the municipal deposit bill he is co-sponsoring with Assemblyman Rep. Carl Heastie would be good news for taxpayers and local government. In his letter he cites a recent study prepared by the Credit Union Association of New York (CUANY), which shows that the savings to taxpayers could reach $18 million to $24 million every year. "Benefits like this are only the beginning," he wrote. "Because they are locally owned financial cooperatives, credit unions tend to keep their deposits local and pay local property taxes to the very same local government entities that would benefit from municipal deposit choice." The senator represents many underserved areas that have a large credit union presence in those neighborhoods, his office told News Now. The Parker-Heastie bill is the same as the language in the state's proposed budget bill. The state Senate last week endorsed the language in its budget resolution. CUANY supports municipal deposit choice, which would allow public entities to make deposits in local credit unions and community banks. It is also pursuing municipal deposits through the state budget process, in which talks are ongoing, said Amy Kramer, vice president of governmental affairs for the association. The state legislature, which is on a recess, will return to Albany on April 7. The issue has seen a growing groundswell of support with resolutions from various municipality organizations such as firemen and councils. The latest resolution of support came from the New York City Council and New York Mayor Michael Bloomberg last week (News Now March 30).


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