SACRAMENTO, Calif. – A bill passed by the state legislature that allows credit unions to accept deposit funds from local governmental agencies has been signed into law by Gov. Gray Davis. A.B. 743 takes effect Jan. 1, 2002. The law identifies sections of the state education and government codes that address state and local governmental deposits, and adds credit unions where banks and savings and loans are already listed as repositories or investment options for state and local authorities. The governor's action ensures that local government agencies can safely deposit funds in a financial institution that is based in their community, and which likely serves the agency's employees and other members of that community, said Bob Arnould, vice president, state governmental affairs for CCUL.

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

  • Critical 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 and

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