NY A01348

Amends field of membership requirements for credit unions to allow membership based on occupation, association, geographic location (neighborhood, community, or rural district), combination of these categories, family relationships, employment, or eligible organizations.

Modifies definition of "well-defined identifiable neighborhood, community or rural district" to consist of one or more adjacent precincts, districts, cities, or counties rather than other state or government-defined boundaries.

Requires the superintendent to consider a credit union's record of serving underserved areas and low to moderate-income individuals when reviewing membership applications, and permits the superintendent to impose geographical limitations as appropriate.

Updates investment authority for credit unions to reference paragraph (a) of subdivision twelve-a of section 235 of the banking law rather than paragraphs (a) and (b).

Reduces the maximum net aggregate investment limit for credit union plots and buildings from 15% to 6% of capital and retained earnings, unless the superintendent approves otherwise.