28 May: Senate Committee Ok’s Sweeney Bill Allowing Governments To Invest With Credit Unions

TRENTON – The Senate Commerce Committee has released legislation Senate President Stephen M. Sweeney sponsored to allow New Jersey’s credit unions to become official depositories for municipal governments, school boards and other public entities.

There are more than 225 credit union locations across the state. Under current law, only banks insured by the Federal Deposit Insurance Corporation may be public depositories.