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CUs, Banks Clash in 8 States on Public Funds

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.

By Jim Rubenstein | Updated on February 02, 2010

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.

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