Illinois Gov. Pat Quinn has signed into law opening the door for direct deposit of government funds into CUs with Chicago-area CUs getting the first crack at taking in municipal deposits.
Breaking a long impasse Illinois credit unions, starting first in Chicago collar counties, may at last start accepting municipal deposits under a new law made effective this month. The legislation was supported by both the Illinois Credit Union League and a county treasurers' trade group.
"We have a strong philosophy in local direct investment and we saw the need to include credit unions provided we could clear up some confusions in the law," explained Brian McDaniel, chief investment officer of Will County who along with his boss, County Treasurer Steve Weber, lobbied for the law change during the recent session.
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