NY A00166

Adds credit unions and federal credit unions to the definition of eligible financial institutions in New York's banking development district program, alongside existing banks, trust companies, and savings institutions.

Permits credit unions to accept municipal and public funds only for establishing branches in banking development districts, with the same deposit requirements and restrictions as other financial institutions.

Authorizes the Banking Board to promulgate rules allowing credit unions and federal credit unions to participate in the banking development district program.

Allows credit unions to include any person or organization within a local community, neighborhood, or rural district with demonstrated need for banking services in their membership for purposes of the program.

Effective January 1, 2010, with the amendments expiring and being repealed on the same date as section 4 of chapter 526 of the laws of 1998; branches established before expiration may continue operating with all authorized rights and privileges.