NY A03239

Amends General Municipal Law to expand the definition of "Bank" to include credit unions, savings banks, savings and loan associations, and federal savings associations authorized to do business in New York.

Allows credit unions to accept municipal deposits at their principal office or branch office located within the jurisdiction of the local government making the deposit.

Permits savings banks to accept municipal deposits at their principal office or branch office located within the local government, replacing prior prohibition on such deposits.

Requires credit unions, savings banks, savings and loan associations, and federal savings associations to pledge assets or furnish other security satisfactory to the depositor when required by applicable law for repayment of public funds.

Takes effect ninety days after becoming law.