New York credit unions and banks stepped up their Albany skirmishes over deposit of public funds with each side issuing dueling press releases both supporting and attacking the concept. And CUs said there was new urgency to the issue because of the economic crisis "caused by banking excesses."
The Credit Union Association of New York charged bankers were engaging in "monopoly tactics" and denying municipalities critical choices for financial services by continuing to oppose the CU bid for public deposits.
The New York Bankers Association countered that tax-exempt CUs lack status to accept taxpayer dollars and "only firms that pay taxes should be allowed" that privilege.
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