NY A01112

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

Allows credit unions to accept deposits from local governments at their principal office or branch office located within the jurisdiction of that local government, subject to security requirements.

Permits savings banks to accept municipal deposits at their principal office or branch office within a local government's jurisdiction, reversing the 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 for repayment of public funds when required by applicable law or regulation.

Takes effect 90 days after becoming law.