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News Now

CU System
Maryland lawmakers introduce two CU-backed bills
ANNAPOLIS (1/29/08)--The Maryland and District of Columbia Credit Union Association (MDDCCUA) has introduced two pieces of legislation in the Maryland Senate and House of Delegates involving credit union-backed municipal deposits and financial education. The first bill is SB-79, “Deposits of State and Local Government Money,” introduced by State Sen. Delores Kelly Jan. 14. State Del. Michael Vaughan is introducing the bill in the State House. The legislation would allow credit unions to accept and hold unexpected or surplus funds from local governments and allow credit unions to act as depositories for state funds (FOCUS Newsletter Jan. 28). The Maryland Bankers Association is opposing the legislation. A committee hearing for the bill is slated for Jan. 30. The second bill proposes a task force to study mandatory financial literacy education in Maryland schools. It is in the drafting process and will be introduced by State. Sen. C. Anthony Muse and State Del. Dan Stein. The proposed task force would include representatives from various community groups, educational agencies and groups, and financial institutions. MDDCCUA CEO Mike Beall and Chief Administrative Officer Jennifer Porter Gore will meet this week with legislators to discuss the bills and other credit union initiatives.


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