NY A00168

Amends Banking Law Section 96-d to include credit unions and federal credit unions in the banking development district program, alongside existing provisions for savings banks and federal savings institutions.

Restricts municipal or public fund deposits at credit union branches in banking development districts to the specific branch established in the district and to the sponsoring municipality only.

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

Allows credit unions to expand membership eligibility to include persons or organizations within local communities, neighborhoods, or rural districts with demonstrated banking service needs, as determined by the Superintendent.

Takes effect immediately as of January 1, 2009, with provisions expiring upon the repeal of Chapter 526 of the Laws of 1998; branches established before expiration remain eligible for all authorized rights and privileges.