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NY A02613
Bill
Status
1/21/2009
Primary Sponsor
Peter Abbate
Click for details
AI Summary
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Amends State Finance Law to allow credit unions chartered under Article 11 of the Banking Law or federal credit unions to participate in the Excelsior linked deposit program alongside thrifts.
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Requires credit unions participating in the program to secure linked deposits in the same manner as other deposited moneys and pledge assets or furnish security satisfactory to the authorized depositor.
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Adds definition of "credit union" to State Finance Law Section 213 to include credit unions chartered under Article 11 of the Banking Law or any federal credit union.
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Amends Banking Law Section 454 to grant credit unions authority to accept linked deposits from the Commissioner of Taxation and Finance or the Comptroller and make linked loans pursuant to the Excelsior program.
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Takes effect immediately upon enactment.
Legislative Description
Authorizes credit unions to participate in the excelsior linked deposit program and raises the limit on the amount permitted to be on deposit at any given time.
Last Action
print number 2613a
1/19/2010