The year-long campaign of the New Jersey Credit Union League to accept municipal deposits moved a step closer to passage Thursday with 6-2 passage of an industry bill by the Assembly Financial Institutions and Insurance Committee.
"This is another step forward for New Jersey's credit union in getting closer to updating the 40-year-old law prohibiting credit unions from participating in public deposits," said Paul Gentile, president/CEO of the league.
Lobbyists and CEOs representing the New Jersey Bankers Association, which has strongly opposed the bill, attended the hearing.
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