Municipal deposit bill moves forward

The Banks Committees in both the Senate and the Assembly passed bills last week that would grant municipalities the authority to deposit funds in credit unions. The bills have now been referred to the Senate Finance Committee and the Assembly Ways and Means Committee.

Specifically, the Senate and Assembly bills would allow credit unions, savings banks, savings and loan associations and federal savings associations to accept and secure deposits from municipal corporations.

The New York Credit Union Association on May 14 issued an urgent call to action on this legislation (S670/A7334), regarding granting municipalities the authority to deposit funds in credit unions.

 “This is a major legislative priority for the New York credit union movement and a key piece of the Association’s advocacy agenda,” the call to action from the Association’s advocacy team stated. “Let’s make sure the credit union voice is heard!”

Visit the Association’s Action Center today to send a pre-drafted letter in support of the bill to lawmakers in your district and key lawmakers in leadership positions. The Association sincerely thanks you for your engagement and support on this important legislative matter.

Leave a Reply