Illinois CUs Get Muni Deposits
SPRINGFIELD, Ill. – Illinois Gov. Pat Quinn signed into law legislation that allows counties to purchase CDs and deposit funds with the state’s credit unions for the first time.
“As counties search for safe and secure ways to invest public funds, this bill gives county treasurers more arrows in their quiver,” said Will County Treasurer Steve Weber, who lobbied for the bill. “The bill also lets us promote local direct investment in our county as credit unions have an historic mission to server their communities with personal loans and business lending.”
The legislation was a joint effort between the Will County Treasurer, Illinois Treasurer’s Association and the Illinois CU League.