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Committee rejects bill to let Arkansas local governments deposit funds with credit unions
Summary
After competing testimony from bankers, utility managers and credit union representatives, the Senate Insurance & Commerce Committee declined to advance SB 257, which would have allowed state and local governments to place deposits with federally insured credit unions; the motion to 'do pass' failed on a committee voice vote.
The Senate Insurance & Commerce Committee voted against advancing SB 257 after substantial testimony for and against the proposal to allow state, county, city and school entities to deposit public funds with federally insured credit unions.
Senator Hammer, the bill sponsor, said the bill "gives our state, county, cities, and school districts the ability of choice where they want to put their deposit and increase their revenues," and submitted letters from local officials and industry leaders supporting the option.
Opponents, including Larry Wilson of First Arkansas…
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