NY A03510

Replaces existing membership qualification criteria with a new section allowing credit union boards to determine membership based on occupations, associations, geographic areas, family relationships, employees, and organizations within the credit union's field of membership.

Expands credit union investment authority to include additional securities permissible for savings banks and grants the superintendent discretion to approve other permissible investments.

Increases the limit on credit union investments in real property (building and parking) from 6 percent to 15 percent of capital and retained earnings, subject to superintendent approval.

Permits credit unions to exercise incidental powers approved by the National Credit Union Administration under 12 C.F.R. 721.

Allows credit unions to extend membership to underserved communities designated as "investment areas" under the federal Community Development Banking and Financial Institutions Act of 1994.