NY A00260

Eliminates specific membership qualification requirements for credit unions and allows the board of directors to determine membership composition.

Modifies member business loan limits to cap individual loans at the greater of 25% of net worth or $250,000, and aggregate loans at the greater of 25% of total assets or the federal limit.

Expands credit union authority to accept deposits and issue share certificates from nonmembers including natural persons, corporations, partnerships, and government entities.

Permits credit unions to establish branch offices in localities where members are employed, attending school, or residing without requiring prior superintendent approval for each location.

Broadens permissible investment securities for credit unions to include additional categories previously authorized for savings banks.