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News Now

CU System
New Mexico House passes state funds bill
ALBUQUERQUE, N.M. (2/11/10)--The New Mexico House of Representatives passed a bill that allows the state to move $2 billion to $5 billion of state funds to credit unions and small banks. The municipal funds bill, House Bill 66, passed 65-0, but still must be passed by the New Mexico Senate. Gov. Bill Richardson said he would sign the bill if it gets to his desk (Capitol Hill Blue and chattahbox.com Feb. 10). State Reps. Brian Egolf (D-Santa Fe) and Timothy Keller (D-Bernalillo) sponsored the bill. Egolf told the Huffington Post in January that the legislation would “direct the New Mexico Department of Finance and Administration to ‘give a preference to a community bank to act as the fiscal agent of the general fund operating cash depository account’” (Huffington Post Feb. 10). The Credit Union Association of New Mexico (CUANM) has been supporting the bill, Sylvia Lyon, CUANM CEO/president, told News Now. Credit unions in the state won’t be able to handle all of the money made available if the bill becomes law, but the legislation still will create some great opportunities for them, Juan Fernandez, CUANM vice president of governmental affairs, told News Now. “The bigger incentive for credit unions is that they’ll be able to get certificates of deposit and investments from the state--not the entire chunk of the $2 billion to $5 billion that’s available from the state--but I imagine it will open up million of dollars of capital to credit unions,” Fernandez said.


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