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News Now

CU System
New Jersey state funds legislation includes CUs
TRENTON, N.J. (2/25/09)--A New Jersey legislator has introduced state legislation that would extend the range of investment vehicles used by the New Jersey Cash Management Fund and state pension fund moneys, provided the Federal Deposit Insurance Corp. (FDIC) or the National Credit Union Share Insurance Fund (NCUSIF) guarantees the obligation. Existing statutes already grant the director of the New Jersey Division of Investment to place fund moneys in these investment vehicles, but they do not recognize NCUSIF insurance, says the New Jersey Credit Union League (The Weekly Exchange Feb. 16). The legislation (S-2552), introduced by Senate Majority Leader Steve Sweeney (D-3), would extend for up to one year the range of vehicles allowed for investments of the state funds that are intended for investment in fixed-income, debt securities and non-convertible preferred stock. Similar to municipal deposits legislation that Sweeney also has sponsored, the new measure marks the second time the state has proposed that credit unions be given equal footing with FDIC-insured depositories for state and local government funds. Sweeney said he hopes to spur economic growth by creating additional lending capacity among the state's depository institutions, enabling them to make more and cheaper capital available to small business and individual borrowers.


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