Will County Steve Weber will testify at the State Capitol today in support of House Bill 2101, a bill designed to clarify existing law in the area of county authorization to deposit funds in state credit unions. The bill is a joint effort between the Weber’s office, the Illinois Treasurer’s Association, and the Illinois Credit Union League. State Representative Emily McAsey (D-Romeoville) introduced the bill in the Illinois House.

“Counties are searching for safe and secure ways to invest public funds,” Weber said, “By including credit unions; county treasurers have more arrows in their quiver.” Weber added, “This bill also enables treasurers to promote local direct investment in their counties as credit unions have an historic mission to serve their local communities.”

Cleaning Up Existing Law

At any given time, the Will County Treasurer’s office has cash deposits of approximately $200 million. Like other Illinois counties, Will County deposits funds at financial institutions authorized by state law. When re-writing the county investment policy earlier this year, Weber and his staff discovered that counties could not deposit funds with credit unions, only banks or savings and loans. This restriction is in conflict with other areas of state law, specifically the Public Funds Investment Act.

Mr. Weber brought this conflict to the attention of the Illinois Credit Union League and Illinois Treasurer’s Association, who wrote the framework for HB-2101 introduced by Representative McAsey on February 24, 2010.

Read Weber’s prepared remarks here.

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