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ALBANY, N.Y. – New York State Credit Union League’s Amy Kramer, VP/Governmental Affairs and VP/General Counsel Michael Lanotte recently joined credit union officials from throughout the Capital district to speak during the public comment period of a recent Albany Common Council meeting in support of a resolution that would allow credit unions and savings banks to accept municipal deposits. Along with Kramer and Lanotte at the meeting were John Tucker, president/CEO, FASNY FCU; Patrict Calhoun, president, SEFCU; and Betsy Kindlon, CEO/manager, Community Resource FCU. The resolution sponsored by Common Council Member Sarah Curry-Cobb (D) and which was unanimously approved, calls on the state Legislature to support Assembly bill A.6637. Under current state law, only commercial banks are allowed to accept municipal deposits. A. 6637 was introduced by Assemblywoman Catherine Nolan (D-Metropolitan). A similar bill has been introduced in the state Senate by Sen. Hugh Farley (R-Capital). Both bills are currently in the Banks committee in their respective houses. The NYSCUL said securing visible support from local elected officials for municipal deposits legislation is a key component of the League’s strategy.

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