NYSCUL Garners Support for Municipal Deposits Legislation

ALBANY, N.Y.-There's more than one way to skin a cat, and the New York State Credit Union League (NYSCUL) has learned how. The League is undergoing a statewide effort to raise support for legislation pending before the State Legislature in Albany that would allow credit unions and savings banks to accept municipal deposits. Current law only allows commercial banks to accept such deposits. At the June 6th, meeting of the Syracuse Common Council, city legislators unanimously passed a resolution calling upon the State Legislature to pass the pending bills-A.6637 in the Assembly and S.4197 in the Senate. Both bills currently are in the Banks committee in their respective houses. A.6637 was introduced by Assemblywoman Catherine Nolan (D-Metropolitan), who chairs the Committee on Banks. Sen. Hugh Farley (R-Capital) introduced S.4197, which echoes the Assembly bill. Stephanie A. Miner, chair of Syracuse's Finance, Taxation and Assessment Committee, introduced the resolution to the Syracuse Common Council. "When more financial institutions compete for our money, the winners are the citizens," Miner said. "It's also appropriate that when we, the city, take taxpayers' money, we have the option to invest it with financial institutions that help residents throughout all areas of our city secure a brighter financial future." The resolution passed by Syracuse was similar to one passed by the Albany Common Council in May. NYSUL is working behind the scenes to introduce similar resolutions in other cities across the state, including New York and Buffalo. Each time such a resolution is passed, certified copies are sent to the Clerk of the New York State Assembly, Governor George Pataki and to each of the local representatives in the State Assembly and Senate.