SACRAMENTO, Calif. – The California Senate Banking Committee July 5 unanimously passed a measure that gives state and local governmental agencies the ability to deposit funds in credit unions. A.B. 743 was introduced by Assemblymember Robert Pacheco (R-City of Industry) and supported by the California Credit Union League. State and local governmental agencies already are able to deposit funds in banks and savings and loans since they're already listed as repositories or investment options for state and local authorities. During that same hearing, the Senate committee agreed to make A.B. 684, league-supported legislation that would allow CUs to provide trust services to members, a two-year bill.
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