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News Now

CU System
NEW Law allowing N.J. CUs to accept public deposits signed
TRENTON, N.J. (FILED 10:35 a.m. ET 8/22/11)--New Jersey Governor Chris Christie has signed legislation that enables credit unions in the state to serve as eligible public depositories and allow public entities to seek out the best possible return for taxpayer dollars. Gov. Christie signed the law Friday. It will enable counties, school boards, municipalities and other local government entities to use credit unions as depositories. Prime sponsors of S-1890/A-1597 were Senate President Stephen Sweeney, Senate Republican Conference Leader Robert Singer, and Assembly Speaker Sheila Oliver and AssemblyDeputy Speakers Upendra Chivukula and John Wisniewski. "This market has historically been dominated by a small group of banks," said New Jersey Credit Union League President/CEO Paul Gentile. "Credit unions will bring competition to public deposits that will likely drive better returns and ultimately help taxpayers. Even if credit unions aren't ultimately chosen by the public entity, their presence in the market raises the competitive bar." More detail will be in Tuesday's News Now.


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