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N.J. League Steps Up Muni Funds Pitch

The New Jersey Credit Union League was wasting no time this week in making a renewed pitch to allow CUs to receive the funds after a New York bank announced an exit from the market.

By Jim Rubenstein | Updated on June 21, 2010

Readying for a final push this fall to enact a Senate-passed bill on municipal deposits, the New Jersey Credit Union League was wasting no time this week in making a renewed pitch to allow CUs to receive the funds after a New York bank announced an exit from the market.

The league campaign was highlighted by the June 10 state Senate adoption of enabling legislation. The campaign comes as the state’s top banking regulator, Thomas Considine, with no mention of CUs, suggested community banks should fill the void left by the departure of JPMorganChase. Chase, carrying a $500 million portfolio for 200 New Jersey municipal entities, said last week it wanted out of the market because of collateral concerns on a bank-run risk pool.

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