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
New Jersey state funds legislation includes CUs
TRENTON, N.J. (2/25/09)--A New Jersey legislator has introduced state legislation that would extend the range of investment vehicles used by the New Jersey Cash Management Fund and state pension fund moneys, provided the Federal Deposit Insurance Corp. (FDIC) or the National Credit Union Share Insurance Fund (NCUSIF) guarantees the obligation. Existing statutes already grant the director of the New Jersey Division of Investment to place fund moneys in these investment vehicles, but they do not recognize NCUSIF insurance, says the New Jersey Credit Union League (The Weekly Exchange Feb. 16). The legislation (S-2552), introduced by Senate Majority Leader Steve Sweeney (D-3), would extend for up to one year the range of vehicles allowed for investments of the state funds that are intended for investment in fixed-income, debt securities and non-convertible preferred stock. Similar to municipal deposits legislation that Sweeney also has sponsored, the new measure marks the second time the state has proposed that credit unions be given equal footing with FDIC-insured depositories for state and local government funds. Sweeney said he hopes to spur economic growth by creating additional lending capacity among the state's depository institutions, enabling them to make more and cheaper capital available to small business and individual borrowers.


RSS





print
News Now LiveWire
New @FICO score metric expected this week, will include utility payments http://t.co/l0hGhilMqQ
26 minutes ago
.@TheNCUA increased supplier diversity in 2014 by 49%, although NCUA’s workforce diversity levels declined slightly.
29 minutes ago
Also from FFIEC today, council announces reappointments of Mary Hughes and Lauren Kingry to its State Liaison Committee. 2of2
34 minutes ago
.@federalreserve Gov. Tarullo Wed. became 22nd chair of FFIEC for 2-yr term; succeeds Comptroller of the Currency Curry. 1of2
36 minutes ago
#NewsNow CUs raise record $10.7M for CU4Kids, CMN Hospitals http://t.co/T9vKS4JpKA
1 hour ago