Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
N.J. governor signs deposit law including CUs
TRENTON, N.J. (11/25/09)--New Jersey Gov. Jon Corzine signed legislation that extends the range of investments for state of New Jersey Cash Management Fund and State Pension Fund monies to credit unions. The New Jersey Credit Union League lobbied to include credit unions in the legislation to make additional lending capacity available to local financial institutions and spur economic development (The Daily Exchange Nov. 23). The bill extends for up to one year the range of investment vehicles in which the state’s director of the Division of Investment may invest state monies that are intended for investment in fixed income, debt securities and non-convertible preferred stock. The bill authorizes the director to invest such monies in any issue of obligation provided that the Federal Deposit Insurance Corp. (FDIC) or the National Credit Union Share Insurance Fund guarantees the obligation. “This is the first time credit union share insurance has been given parity with FDIC coverage in New Jersey law,” said league President/CEO Paul Gentile. “It’s a significant step forward and will help our efforts to enable credit unions to become eligible depositories for municipalities, school boards and counties,” he concluded.


RSS





print
News Now LiveWire
App puts #CUNAGAC in palms of attendees' hands #NewsNow http://t.co/piabPHIGb5
8 hours ago
App puts #cunagac in palms of #creditunion attendees' hands http://t.co/2XZC3LWw6Z
9 hours ago
Breaking at #NewsNow: @CUNA files amicus brief in Florida interchange case. http://t.co/gWSBjCtSD7
9 hours ago
What is the @NCUFoundation ? Watch this Foundation video: http://t.co/iC6XoInU7r
12 hours ago
Follow @cumagazine for even more #CUNAGAC live-action reports March 8-12 #creditunion #creditunions #UniteForGood
15 hours ago