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NYCUA’s Mellin calls Senate passage of Municipal Deposits legislation ‘major victory’

The New York Credit Union Association lauded the Senate’s Thursday passage of S.670/A.8289, sponsored by Sen. James Sanders Jr. (D-10), which allows credit unions, savings banks, savings and loan associations and federal savings associations to accept and secure deposits from municipal corporations.

 

Although the legislation has not passed in the Assembly in the current legislative session, its passage in the Senate marks the first time in decades that municipal deposit legislation has passed either chamber and provides the Association with momentum for next year’s session. Passage of the measure is a direct result of advocacy efforts by credit unions, credit union advocates and the NYCUA, as well as organizations representing municipalities and school districts across New York state.

The Association joined with School Boards, Towns, and Conference of Mayors in support of the bill, which allows local governing bodies to make deposits into credit unions, giving municipalities a depository choice and an opportunity to save taxpayer dollars by incurring lower fees and taking advantage of the best possible return on deposits.

The Association sincerely thanks Sen. Sanders for sponsoring the bill and his leadership in getting it through the Senate, and all who took action and reached out to their legislators in support of the bill.

Following passage by the Senate of the bill, NYCUA President/CEO William J. Mellin issued the following statement:

After years of lobbying and advocacy efforts, this priority legislation has passed in the Senate for the first time — a major victory for both credit unions and New York state municipalities and taxpayers. Passage of the Municipal Deposits Bill in the Senate is an historic achievement and brings it closer to ultimately becoming law. We thank Sen. Sanders for his steadfast leadership on this issue. We look forward to continuing to work with him and other supporters so that New York’s municipalities have the option of placing taxpayer funds where they can get the best returns within their local communities, a power already granted by the majority of states.

About the New York Credit Union Association: 
For more than 100 years, the New York Credit Union Association has served as the trade association for the state’s credit unions, which collectively hold more than $100 billion in assets and serve 6 million members. NYCUA advances the credit union movement by advocating, educating, uniting and supporting the interests of all New York credit unions. To learn more about NYCUA, visit www.nycua.org. To find a credit union or learn more about the credit union movement, visit www.yourmoneyfurther.com

 

Contact: Christina Couto | Communications Manager 
(800) 342-9835, ext. 8135 | christina.couto@nycua.org