Ithaca Joins with Albany, Syracuse in Support of Allowing NY CUs to Accept Municipal Deposits

LATHAM, N.Y. – Add the City of Ithaca's Common Council to the list of supporters of proposed legislation that would amend state law and permit the deposit of municipalities' funds in credit unions and thrift institutions. The City of Ithaca's Common Council unanimously passed a resolution in favor of the legislation at its July 6th meeting. Comparable resolutions have also been approved by both Albany and Syracuse Common Councils. The legislation – A.6637 and S. 4197 – is sponsored in Albany by banking committee chairs Assemblywoman Catherine Nolan (D-Metropolitan) and Sen. Hugh Farley (R-Capital). The city of Ithaca will be sending signed copies of its resolution to local legislators Sen. George Winner Jr. (R-Finger Lakes) and Assemblywoman Barbara Lifton (D-Finger Lakes/Syracuse. New York State Credit Union League VP of Governmental Affairs Amy Kramer said, "Support from local elected officials is essential in working towards amendments to current banking law."