The economic crisis and bank departures from rural areas were giving credit unions in eight states new hope last week their legislative proposals for deposit of public funds might stand an improved chance of passing this year despite stepped up banker opposition.
State league officials say some hard-pressed municipalities are now eager for CUs to bid on public funds despite resistance from the banking lobby, which was already mounting vigorous campaigns last week to block deposit measures in two states, New York and Washington.
The Washington Credit Union League said it was particularly encouraged that enabling legislation allowing deposit of $100,000 in public funds in CUs could be enacted following support from a key lawmaker.
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