NYS Credit Unions & Local Government Coalition Urge State Legislature to Support Municipal Deposit Choice

ALBANY, NY (04/12/2010)(readMedia)-- The Credit Union Association of New York, representing 451 New York credit unions and 4.4 million New Yorkers who are credit union members, and a coalition of local government groups and leaders including Albany Mayor Jerry Jennings and Albany County Executive Michael Breslin will hold a press conference on Tuesday, April 13, at the State Capitol, to call on the State Legislature to pass municipal deposit reform, allowing local government entities such as cities, towns, counties, school districts, fire districts and public libraries the option of depositing tax dollars in local credit unions or community savings banks. Currently, corporate banks have a monopoly on municipal tax deposits.

"We are asking the State Assembly, in particular, to join the Governor and State Senate in supporting municipal deposit choice," said William J. Mellin, president/CEO of the Credit Union Association of New York. "This much-needed reform allows local governments, including schools and libraries, the freedom to deposit their taxpayer dollars in credit unions and community savings banks, as well as, large corporate banks. This will help local governments save revenue, encourage more funds to stay local through community reinvestment, and create more opportunities for local residents to take out personal or small business loans."

Mellin continued: "Access to municipal deposits would allow credit unions to further reinvest in our local communities, via loans to local taxpayers and local small businesses, at a time when credit and borrowing opportunities are drying up for the very people and businesses who need it most. Credit unions are not only community-based and play a significant role in our local communities; we also pay property taxes to those very same local governments which would benefit from municipal deposit choice, namely municipalities, libraries, fire districts and public schools."