MONTGOMERY, Ala. – Lawmakers have filed bills in both the Alabama House and Senate that would allow credit unions to become qualified public depositories.
The bills would give credit unions the ability to accept public deposits, providing municipalities such as fire departments, schools, libraries, and local government entities a choice in where to put their money.
“At a time when local and state government are tightening their budgets to find effective ways of managing public money, credit unions should not be forced to turn them away,” a spokesperson said. “This legislation is about choice – and the choice should be in the hands municipalities working for the public, not in the hands of banks working for themselves.”
Thirty-three states allow credit unions to accept public deposits.
