NY S07112

Replaces detailed membership qualification rules with a new section 451-A that allows credit unions to establish fields of membership including persons by occupation, association, geographic community, or combinations thereof, subject to superintendent approval.

Permits credit unions to extend membership to family members of eligible persons, employees of the credit union, organizations composed principally of eligible members, and members who leave the field of membership but have not withdrawn or been expelled.

Allows credit unions to serve underserved local communities, neighborhoods, or rural districts designated as "investment areas" under the federal Community Development Banking and Financial Institutions Act of 1994.

Expands permissible investments for credit unions by authorizing the superintendent to deem other investments permissible beyond those specifically listed in banking law section 235.

Increases the limit on credit union investments in real property (plots and buildings) from 6 percent to 15 percent of capital and retained earnings, except with superintendent approval.