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New York State Capitol Building Albany, N.Y., New York State Capitol building. (Source: Shutterstock)

The complex battle over whether credit unions should be permitted to accept state and local deposits played out in a New York Assembly hearing Monday, as school officials said they want that option, while county officials raised red flags on the plan.

About half of the states allow state, local and school funds to be deposited in credit unions, while the other half do not, with many contending that the credit union tax exemption should make the institutions ineligible for public deposits.

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David Baumann


Credit Union Times

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