Mayor Committed to Push for Albany Reforms during 2009 Campaign and 2010 State of the City

Statement of Mayor Michael R. Bloomberg

"Strengthening neighborhood friendly credit unions is a priority for our Administration, and one way we can do that is by lifting the statewide ban on our ability to deposit City funds in them.  Credit unions are safe, insured, and competitive financial institutions, and that's why municipal leaders across the entire state have been calling on Albany to lift the ban.  Today's City Council resolution strengthens our message, and I applaud the members of the Council for joining with us in this effort.  If Albany lifts the ban, our Administration will fulfill the commitment I made in my recent State of the City speech by depositing $25 million in City funds in federally insured and regulated credit unions that pay the same interest rate as commercial banks. This will allow credit unions to increase the number of loans they issue to low-income families and small neighborhood businesses across the City."

Statement of Commissioner Jonathan Mintz

"Municipal deposit reform will allow the City to deposit its tax dollars in credit unions and savings banks, which will significantly increase loan options and other safe financial services for individuals and small businesses across the New York. Credit unions and savings banks play a vital role in stimulating economic activity and deserve not to be arbitrarily excluded from where municipalities choose to deposit their public funds."