Sample Letter to State Legislators: Municipal Deposits for Credit Unions

(Customize for your local municipality-county, town, village.  Highlight and copy text below and paste into your own document.)

Date

The Honorable (Name of Legislator)
New York State (Assembly/Senate)
(Legislative Office Building/ Capitol)
Albany, New York 12248 (for Assembly) 12247 (for Senate)

Dear (Senator/Assemblymember):

I am writing to urge your support for municipal depository choice legislation, which would allow my (county, town, village) to place our funds on deposit in any of New York’s 500 credit unions. Currently, there are 4 bills (A.6511/S.3664, A.6856/S.4054, A.7322/S.4071, A.7030) pending before the state legislature.

As you may know, the only banking institutions in New York that are permitted to accept deposits from local and state governmental units are commercial banks. New York is one of only 13 states that does not allow credit unions to accept public funds.

Commercial banks continue to enjoy a virtual monopoly over the deposit of state and local funds in New York. Credit unions across the state are regularly approached by officials from their local counties, towns, fire departments, libraries, schools, and villages, but must turn away their business, as required under current state law.

Counties, towns, villages in New York State, along with other municipalities, are seeking alternatives to the high cost of doing business with banks. Credit unions, as service-driven, not-for-profit financial institutions that are 100% locally owned by their membership, represent that alternative. Credit unions offer public depositors a better rate of return, which results in savings to taxpayers. In addition, credit union deposits stay local within the community.

As commercial banks grow and divest more into local jobs and their communities, government leaders need to explore more local financial services options in New York State. Often, the nearest commercial bank isn’t conveniently located near the municipality depositing funds. Many municipal leaders are credit union members and know firsthand the friendly service and outstanding rates they receive on their personal finances at their local credit union. It’s only natural that they want to deposit the taxpayer’s funds there, too.

Keep the taxpayer’s funds local, save taxpayer funds, and give local leaders financial options. To that end, I hope you will work with your fellow (Senate/Assembly) representatives to move municipal depository choice legislation forward as soon as possible this session. I thank you for your time and attention to his important issue. To discuss further, please contact myself at:

Email:
Phone:
Address:

Sincerely,

Title:

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New York State Credit Union League, Inc. & Affiliates
P.O. Box 15118, Albany, New York 12212-5118 | 19 British American Boulevard, Latham, New York 12110
800-342-9835 | Fax 518-437-8284
Copyright © 2008 New York State Credit Union League, Inc.