NY S01808

Amends credit union membership field requirements to remove "interest" as a standalone category and clarifies that geographic areas for membership can consist of adjacent precincts, districts, cities, or counties.

Expands credit union membership eligibility to include organizations located within well-defined identifiable neighborhoods, communities, or rural districts with demonstrated community of interest.

Adds requirement that the superintendent consider a credit union's record of serving underserved areas and low to moderate-income individuals when reviewing membership applications, and grants superintendent discretion to impose limitations such as geographical restrictions.

Reduces the maximum investment limit for credit union purchases or leases of real property (buildings and parking) from 15 percent to 6 percent of capital and retained earnings, unless superintendent approval is obtained.

Modifies credit union investment authority to reference paragraph (a) of subdivision twelve-a of banking law section 235 rather than both paragraphs (a) and (b).