ALBANY, N.Y. – New York credit unions got a boost last week in their decade-long quest to win municipal deposits when Gov. David Patterson introduced a bill that would change a 100-year-old law to allow local government entities to open accounts at non-profit institutions.
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Currently, local and state government entities only can keep their money at commercial banks or trusts in New York, a provision that’s been in place since 1909.
The Governor’s statement said the move would give local governments more opportunities to earn interest revenue.
