At the end it was touch-and-go, but at last New Jersey Gov. Chris Christie has signed the municipal deposit bill empowering credit unions to start accepting government funds.
The banking lobby had fought unsuccessfully this summer for a veto of the bill by the Republican governor on grounds that CUs lack capacity to handle public funds and don't deserve them because of the tax exemption.
Under the measure slated to take effect later this year, CUs for the first time can accept public funds from counties, school boards, municipalities and other local government entities.
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