NY A01118

Amends Banking Law Section 96-d to include low income credit unions in the banking development district program for cities with populations of one million or more persons.

Expands the definition of eligible financial institutions to include any low income credit union designated under Banking Law Section 450-A or any federal credit union designated as a low income credit union by the National Credit Union Administration.

Prohibits low income credit unions from accepting municipal or public funds except for establishing branches in banking development districts, with deposits limited to the branch location and sponsoring municipality.

Requires the banking board to promulgate rules and regulations authorizing the participation of low income credit unions in the banking development district program.

Takes effect immediately upon enactment.