WASHINGTON – Credit unions in New Jersey would be allowed to accept deposits from cities and townships, if the No. 2 Democrat in the state Senate gets his way.
Senate Majority Leader Steve Sweeney introduced a measure last week, which lawmakers could consider when they reconvene next year. A companion measure was introduced by Assemblyman Fred Scalera.
"It would be good for credit unions and local governments if there is competition," said Paul Gentile, president and CEO of the New Jersey Credit Union League.
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But Gentile said achieving passage wouldn't necessarily be easy.
"It's not a slam dunk The banks will oppose it. We have a chance of getting it through," he said.
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