ALBANY, N.Y. — State and local governments should have the option to deposit their money in credit unions, lobbyists and credit union officials told lawmakers this week.
Eleven executives from credit unions in the Empire State and four lobbyists for the New York State Credit Union League met with 19 lawmakers and their staffs to discuss efforts to change a law that permits state and local governments to only deposit money in commercial banks.
"The law addressing municipal funds was enacted in 1909. Credit unions did not exist in New York 100 years ago! Clearly it is time to fix this antiquated law and allow municipalities the depository options they are seeking," said William J. Mellin, president and CEO of the New York State Credit Union League, Inc.
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