NY A05745

Amends banking law section 96-d to include low income credit unions in the banking development district program, but only in cities with a population of one million or more persons

Applies to credit unions designated as low income under banking law section 450-A or federal credit unions designated as low income by the National Credit Union Administration

Low income credit unions gain the same eligibility as savings banks and savings and loan associations to establish branches in banking development districts

Restricts municipal and public funds deposited at credit union branches to those purposes and locations, with deposits subject to the same requirements as deposits in traditional banks

Superintendent of Financial Services must promulgate rules and regulations to authorize low income credit union participation in the banking development district program