SACRAMENTO, Calif. – The California Senate Banking Committee July 5 unanimously passed a measure that gives state and local governmental agencies the ability to deposit funds in credit unions. A.B. 743 was introduced by Assemblymember Robert Pacheco (R-City of Industry) and supported by the California Credit Union League. State and local governmental agencies already are able to deposit funds in banks and savings and loans since they're already listed as repositories or investment options for state and local authorities. During that same hearing, the Senate committee agreed to make A.B. 684, league-supported legislation that would allow CUs to provide trust services to members, a two-year bill.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
