Assembly Passes Municipal Deposit Reform, Legislation Moves on to Governor's Office

Thursday, June 30, 2011 9:23:00 AM

TRENTON, N.J. - Legislation that would enable counties, school boards, municipalities, and other local government entities to utilize credit unions as depositories (S-1807/A-1597) was passed by the full New Jersey Assembly yesterday. The bill passed by a 67 to 8 vote with two abstentions.

The bill is sponsored by Assembly Speaker Shelia Oliver (D-34), Deputy Speakers Upendra Chivukula (D-17) and John Wisnieski, and has 13 additional co-sponsors from both sides of the aisle.

A companion bill (S-1807) sponsored by Senate President Sweeney (D-3), Senate Republican Conference Leader Bob Singer (R-30) and Deputy Majority Leader Paul Sarlo (D-36) passed the Senate last June.

NJCUL has been leading a precedent-setting, multi-faceted grassroots campaign in support of the legislation that has included some 5,000 postcards from credit union volunteers, professionals and members, two Credit Union Days at the State House and credit union exhibits at the various government-related conventions.

"This is a great win for New Jersey credit unions and taxpayers alike. Credit unions will bring new competition to the public deposits market that is sorely needed," said NJCUL President Paul Gentile.

This continues our progress to enable credit unions to be depositories of public deposits. The legislation now moves to Governor Chris Christie's office for consideration.
 

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