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Bill to expand credit unions' status dies in committee

Photo Credit: jswieringa

A bill that would have included credit unions in the eligibility to apply for status as a qualified public depository was killed Wednesday by the House Insurance and Banking Committee.

HB 669, sponsored by Rep. Jason Brodeur, R-Sanford, would have given credit unions equal footing with banks and savings associations to hold deposits from federal, state or local government entities. As do banks and savings associations, credit unions would have had to pass muster with the states chief financial officer before being allowed to take such deposits.

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