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NY A04037
Bill
Status
2/1/2011
Primary Sponsor
Dennis Gabryszak
Click for details
AI Summary
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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.
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Requires the Banking Board to promulgate rules and regulations authorizing credit unions and federal credit unions to participate in the banking development district program.
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Allows credit unions to expand membership to include any person or organization in local communities, neighborhoods, or rural districts with demonstrated need for banking services, as determined by the Superintendent.
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Restricts municipal or public funds deposited through banking development district branches to that specific branch location and applies the same requirements as deposits in traditional banks.
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Takes effect January 1, 2012, with amendments to credit union membership provisions expiring on the same date as the original banking development district program authorization.
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