Press
United Teletech Financial becomes official municipal depository
TITON FALLS, NJ (January 2, 2014) — United Teletech Financial Federal Credit Union (UTF) recently became an official municipal depository in the state of New Jersey. The eligibility was secured through the Governmental Unit Depository Protection Act (GUDPA), which protects the deposits of municipalities and local government agencies.
The credit union filed its GUDPA application and received its official Notification of Eligibility on Nov. 25.
“This is a big deal and allows UTF to bid for the deposits of various public entities as they receive funding at the beginning of the year,” Leo R. Ardine, President and CEO of UTF said. “I’m very proud that we are one of only a handful of credit unions in the state to obtain this distinction.”
UTF will be included on the list of eligible depositories for local government entities, municipalities and school districts in Monmouth, Middlesex and Ocean counties.
The New Jersey Credit Union League helped to pass legislation in 2011 to allow credit unions to enter the $15 billion municipal depository market.
“The league opened the door for credit unions across the state, and we consider this eligibility not only a great achievement for UTF, but for the industry as a whole,” Ardine said.
For more information on UTF, please visit www.utfinancial.org.
United Teletech Financial (UTF) is a not-for-profit credit union serving members in central New Jersey. Founded in 1967 to meet the needs of Bell Labs employees, the credit union has grown to over 380 sponsor companies. Under a community charter granted by the National Credit Union Administration in April 2005, UTF now offers membership to residents in Monmouth and Ocean counties and parts of central Middlesex County. For more information, visit www.utfinancial.org.