NY A09408

Replaces detailed membership qualification criteria in banking law section 451 with a new section 451-A establishing a simplified framework requiring superintendent approval for credit union field of membership.

Expands eligible field of membership categories to include persons by occupation, association, or community residence/work/worship/school location; businesses and organizations in well-defined geographic areas; family members; credit union employees; and organizations composed of eligible persons.

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

Increases the investment limit for credit union real estate (buildings and parking) from 6% to 15% of capital and retained earnings, subject to superintendent approval.

Authorizes credit unions to invest in additional securities beyond those specified in banking law, as deemed permissible by the superintendent.