Credit Union Association Available for Comment on State of the State Reference

ALBANY, NY (01/07/2009)(readMedia)-- Today, in his first State of the State address, Governor Paterson touched on the need to make local governments more efficient and self sustaining.

The Governor's comments reinforce the need to amend current state law to allow local governments the ability to deposit public funds in New York's credit unions.

If local governments are granted the option of depositing tax payer funds in credit unions, they will have the opportunity to obtain better rates of return on tax dollars. For local leaders facing ever tightening budgets, every dollar saved counts.

A 2006 study showed that if credit unions were allowed to work with local governments unlimited, they could save local governments and taxpayers $18 to $24 million. It's also worthwhile to note that deposits in credit unions stay in the local community, supporting local economic development and that credit unions have a proven track record of understanding local community needs.

Amy Kramer, vice president of Governmental Affairs for the Credit Union Association of New York is available for further comment and can be reached via cell phone at (518) 469-5071.

The Credit Union Association of New York has served as the trade association for the state's credit unions for 92 years. It is the fifth largest league in the country. New York credit unions have assets of more than $43 billion and 4.2 million members. To learn more about the Association, visit www.cuany.org.

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