Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Right thing to do--senator on N.J. public funds


New Jersey State Sen. Bob Singer (R) discussed municipal deposits in credit unions at Tuesday's South-Central Chapter of Credit Unions meeting. (Photo provided by the New Jersey Credit Union League)
EATONTOWN, N.J. (3/19/12)--New Jersey State Sen. Bob Singer told a group of credit unions last week that allowing credit unions to receive municipal deposits was the "right thing to do."

Singer, a Republican who spoke Tuesday at the South-Central Chapter of Credit Unions, played a major role in passing state legislation that allows credit unions to enter the $14 billion municipal deposits market, said the New Jersey Credit Union League (The Daily Exchange March 14).

"What we did for credit unions last year was the right thing to do," Singer told the group. "Hopefully credit unions can drive more competition and ultimately help taxpayers."

His key point to credit unions was to make sure they get themselves listed as an eligible depository with local public entities. "You should do it at the organizational meeting, but if they tell you they can't add you later, they are wrong. They can add you later," he said.

Singer noted that credit unions should be strategic in evaluating public funds opportunities and understand what they're getting into. Many municipalities have policies to put some public funds with any institutions based within their borders, so credit unions should be particularly active in their own municipalities, he advised.

New Jersey recently passed a law enabling the state's municipalities to make public funds deposits into credit unions. The measure was supported by the league.


RSS print
News Now LiveWire
State OKs Floridacentral #creditunion's bank branch purchase #NewsNow http://t.co/37uXorWsmV
26 minutes ago
Today is deadline to order your T-shirt for #MiracleJeansDay @CU4Kids @CMNHospitals http://t.co/UXIqW3cFN6
33 minutes ago
#Creditunion #100MM on display with @NWCUA's Minickiello, Wash. Rep. Sharon Tomiko Santos at @NCSLorg @CUNAadvocacy http://t.co/xVwnS39uEM
1 hours ago
Fraudsters hit @jpmorgan with smash and grab #phishing campaign http://t.co/VEkAvctYLJ
1 hours ago
Puget Sound's @YearUp gets Financially Fit with @SeattleMetCU See #NewsNow http://t.co/C11ogeqq3R
1 hours ago