ALBANY, N.Y. (6/4/15)--A bill that would create a program for state funds to be deposited in credit unions is making its way through the New York Legislature. A.774 advanced out of the Assembly Banks Committee Wednesday and has been reported to the Ways and Means Committee (The Point June 3). The legislation would amend the state banking and finance laws to allow the comptroller to deposit up to $250 million of state funds into credit unions. A similar program was established in 1997 for community banks. The New York Credit Union Association strongly supports the legislation and has advocated for its passage. The association believes the legislation would benefit the economies in local communities and enable credit unions to better meet the economic needs of residents in those communities, The Point reported ...

HARRISBURG, Pa. (6/4/15)--Robin Wiessmann, former Pennsylvania state treasurer, was confirmed as the state secretary of the Department of Banking and Securities (DBS), the Pennsylvania Credit Union Association (PCUA) reported (Life is a Highway June 3).  Wiessmann will oversee DBS, which supervises more than 200 Pennsylvania state-chartered banks, credit unions and trust companies. The department also licenses and registers more than 200,000 financial services professionals and companies that provide consumer loans, investment services and other financial services. “On behalf of Pennsylvania’s more than 450 credit unions, I would like to congratulate Secretary Wiessmann on her confirmation,” said Patrick Conway, PCUA president/CEO. Both in private meetings with PCUA and in her remarks at the PCUA annual convention last month, Wiessmann outlined a common-sense approach to regulation along with a strong interest in improving the financial literacy of Pennsylvania’s children and adults, according to Life is a Highway ...