Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
New Mexico House passes state funds bill
ALBUQUERQUE, N.M. (2/11/10)--The New Mexico House of Representatives passed a bill that allows the state to move $2 billion to $5 billion of state funds to credit unions and small banks. The municipal funds bill, House Bill 66, passed 65-0, but still must be passed by the New Mexico Senate. Gov. Bill Richardson said he would sign the bill if it gets to his desk (Capitol Hill Blue and chattahbox.com Feb. 10). State Reps. Brian Egolf (D-Santa Fe) and Timothy Keller (D-Bernalillo) sponsored the bill. Egolf told the Huffington Post in January that the legislation would “direct the New Mexico Department of Finance and Administration to ‘give a preference to a community bank to act as the fiscal agent of the general fund operating cash depository account’” (Huffington Post Feb. 10). The Credit Union Association of New Mexico (CUANM) has been supporting the bill, Sylvia Lyon, CUANM CEO/president, told News Now. Credit unions in the state won’t be able to handle all of the money made available if the bill becomes law, but the legislation still will create some great opportunities for them, Juan Fernandez, CUANM vice president of governmental affairs, told News Now. “The bigger incentive for credit unions is that they’ll be able to get certificates of deposit and investments from the state--not the entire chunk of the $2 billion to $5 billion that’s available from the state--but I imagine it will open up million of dollars of capital to credit unions,” Fernandez said.


RSS print
News Now LiveWire
CUNA economist Schenk discusses regulators' focus on interest-rate risk. See CU Magazine: http://t.co/tW1p9rTSSv
43 minutes ago
Fed issues annual report on general-use prepaid cards in gov't-administered payment programs. http://t.co/3zPhejSPZt
55 minutes ago
Children in foster care face higher risk of identity theft via @NBCNews http://t.co/Dif0hCfBdA
56 minutes ago
.@Cornerstone_CUL's leadership conference includes food drive for San Antonio food bank http://t.co/h2O8O4TxuD
1 hours ago
Worldwide #creditunion growth: Nearly 57K CUs now serve 208M members #NewsNow http://t.co/vrSv3Gvp7X
2 hours ago