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News Now

CU System
N.Y. CUs lawmakers urge passage of municipal deposits bill
ALBANY, N.Y. (6/15/10)--Rep. David I. Weprin (D-Queens), several state legislators and the Credit Union Association of New York urged the State Assembly to pass a municipal deposits choice bill, which would allow New York City and local government entities to deposit their funds in credit unions. “I strongly support municipal deposit choice, which simply gives local governments the ability to deposit their tax dollars in credit unions and community savings banks in addition to commercial banks,” Weprin said Saturday in a press release (ReadMedia June 13). Commercial banks currently have a monopoly on municipal tax deposits. The municipal deposits bill, which has been supported by New York Gov. David Paterson and the state Senate, is authored by State Rep. Carl Heastie (D-83). Several other bills pending in the state legislature also seek to allow deposit choice. These include bills by Sens. Kevin Parker (D-21), Craig Johnson (D-7) and Rep. Harvey Weisenberg (D-20). “Together with Weprin and others in the legislature, we are asking the State Assembly to support municipal deposit choice and join the governor, who included it in his proposed budget, and the State Senate, which included it in its passed budget resolution,” said William J. Mellin, association president/CEO. “This much-needed reform allows local governments something they don’t currently have--the freedom to deposit their tax dollars where they can save revenue, encourage more local investment, and create more opportunities for New Yorkers. “Municipal deposit is about reforming a nearly century-old antiquated law, which fails to reflect current financial conditions or offer local governments the flexibility they need to manage declining revenues and growing deficits,” he added.


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