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NY A01680
Bill
Status
1/11/2011
Primary Sponsor
Hakeem Jeffries
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AI Summary
- Amends Banking Law Section 96-d to include credit unions and federal credit unions in the definition of "bank" for purposes of the banking development district program
- Directs the Banking Board to promulgate rules and regulations authorizing credit unions and federal credit unions to participate in the banking development district program
- Allows credit unions participating in the program to include in their membership any person or organization located within a local community, neighborhood, or rural district with demonstrated need for banking services
- Specifies that municipal or public funds deposited at credit union branches in banking development districts shall be subject to the same requirements as deposits in traditional banks
- Provides that branches established by credit unions or federal credit unions before the program's expiration shall continue operating with full rights and privileges under this amended law
Legislative Description
Includes credit unions and federal credit unions within the definition of bank, trust company or national bank for the purpose of the banking development district program (which was created to encourage the establishment of bank branches in geographic locations where there is a demonstrated need for banking services); directs the banking board to promulgate rules and regulations to authorize the participation of credit unions and federal credit unions in such program; and provides that for purposes of such program, a credit union may include in its membership any person or organization located within a local community, neighborhood or rural district where there is a demonstrated need for banking services.
Last Action
referred to banks
1/4/2012