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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Last June a companion measure, which enables counties, school boards, municipalities and other local government entities to utilize CUs as depositories, passed the state Senate after an aggressive push by the league.
Fifteen CU representatives attended the hearing Thursday "to show their support of the legislation through testimony and so-called 'support slips,'" the league said.
"I couldn't be more proud of the progress we have made and the support that our credit unions have shown towards" getting enabling legislation enacted in 2011, Gentile said.
It was uncertain when the full House might take up the bill, which if it passes, would then have to be signed by Gov. Chris Christie.
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