SACRAMENTO, Calif. – Legislation supported by the California Credit Union League that would give state and local governmental agencies that are already allowed to deposit funds in banks and savings and loans the option of depositing funds in credit unions has cleared the state Senate and is on its way to Gov. Gray Davis for his signature. A.B. 743, by Assemblyman Robert Pacheci (R-City of Industry) was unanimously approved by the state Senate Aug. 27. The Assembly concurred on technical amendments made to the bill Aug. 30. Gov. Davis has 30 days to sign the bill and has indicated he will sign it. A.B. 743 identifies 11 sections of the state education and government codes that address state and local government deposits, and adds CUs where banks and savings and loans are already listed as repositories or investment options for state and local authorities.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.