CUs Urged to Act Today as Municipal Deposit Reform Window Narrows, Sample Fax Available on League Site

Posted by Marissa Anema Thursday, August 18, 2011 11:09:00 AM

HIGHTSTOWN, N.J. - Governor Christie is expected to act by next Thursday on legislation to amend New Jersey's 40 year-old municipal deposit law to enable credit unions to become eligible depositories for school boards, counties, and municipalities.

The bankers continue to actively oppose the measure and the League has been leading an aggressive grassroots campaign since April.

With the legislation on the governor's desk, we've reached the critical, final stage in our municipal deposit initiative. The League is now asking every credit union CEO to send Governor Christie a fax. They are also being asked to recruit volunteers and staff to contact the governor as well.

"As the window of opportunity narrows, it is crucial credit unions act today," according to NJCUL President/CEO Paul Gentile. "Whether or not your credit union is interested in the municipal deposits market, a continued strong showing on this campaign is not only critical to this initiative, it's important to future Trenton efforts as well because it demonstrates just how engaged the credit union constituency really is."

Please take a minute to voice your support for municipal deposit reform by contacting the governor. A sample fax that can be cut and pasted and faxed to Governor Christie's office is available on the League's Web site under the Municipal Deposits (GUDPA) Reform heading.

Additional information and assistance is available from NJCUL Director of Government Affairs Chris Abeel at or 800-792-8861, ext 127.


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