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August 5, 2009

Re: A-3508, Enabling Municipalities to Utilize Credit Unions as Depositories

Dear Mayor:

The League is supportive of legislation which would include credit unions in the definition of public depository and as such, are eligible to receive and hold deposits from NJ local governments.

Currently, there are 215 credit unions in New Jersey which hold $10.1 Billion dollars in assets. Access to municipal deposits would allow credit unions to further invest in their local communities through loans to local small businesses thus keeping tax dollars local.

We ask for your assistance in drawing attention to the merits of A-3508 by adopting the following resolution (WORD or PDF). It would be extremely helpful in this economic climate to increase competition among all providers of government banking services that in the end will save taxpayer dollars and provide other benefits to local communities.

Thank you.

Very truly yours,

 

William G. Dressel, Jr.
Executive Director

 

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