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News Now

CU System
N.J. group endorses municipal deposits bill
TRENTON, N.J. (3/31/09)--The New Jersey State League of Municipalities voted to endorse a proposed municipal deposits bill amendment last week and include it among its legislative priorities. The measure would allow New Jersey credit unions to accept municipal deposits. It would allow credit unions in the state to become eligible depositories for public entities such as county and municipal governments and school boards (News Now Nov. 20). Representing the state’s 566 municipalities, the League of Municipalities is highly regarded by the legislative and executive branches of state government, said the New Jersey Credit Union League. The endorsement lends weight to the legislation’s credibility and is considered almost crucial to favorable action on legislative matters relating to local governments, the league added (The Weekly Exchange March 23). In addition, three legislators have indicated their intent to sign on as prime cosponsors of the bills in their respective houses: State Sen. Robert Singer (R-30), State Rep. John Wisniewski (D-19) and Assembly Deputy Speaker Uprenda Chivukula (D-17). Singer is on the Senate Commerce Committee where the bill will be considered before being reported for a vote by the full Senate. He is also a Republican, which gives the legislation bipartisan sponsorship in the upper house, the league said. Wisniewski is a member of the Assembly Financial Institutions and Insurance Committee where the bill will be considered before being reported for a floor vote. With Assembly Deputy Speaker Chivukula’s co-sponsorship, the measure has leadership support in both houses of the legislature.


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