Loading chat...
NY A08693
Bill
Status
2/3/2014
Primary Sponsor
Annette Robinson
Click for details
AI Summary
-
Amends Banking Law Section 96-d to include credit unions and federal credit unions in the banking development district program, treating them the same as banks, trust companies, and national banks for program purposes.
-
Authorizes the Superintendent of Financial Services to promulgate rules and regulations allowing credit unions and federal credit unions to participate in the banking development district program.
-
Permits credit unions to expand membership to include any person or organization located within a local community, neighborhood, or rural district where there is a demonstrated need for banking services under the program.
-
Limits municipal or public fund deposits at credit union branches established under the program to the sponsoring municipality and only for the limited purpose of establishing branches in banking development districts.
-
Takes effect January 1, 2016, with provisions expiring and being repealed on the same date as the original banking development district program under Chapter 526 of the Laws of 1998, though branches established before expiration may continue operating.
Legislative Description
Relates to including 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); relates to directing the banking board to promulgate rules and regulations to authorize the participation of credit unions and federal credit unions in such program; 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
ordered to third reading rules cal.351
6/17/2014