NY A03942

Amends Banking Law Section 96-d to include low income credit unions designated under Section 450-a of the Banking Law in the banking development district program, but only in cities with a population of one million or more persons.

Extends eligibility to federal credit unions designated as low income credit unions by the National Credit Union Administration to participate in the banking development district program under the same conditions.

Allows low income credit unions to establish branches in banking development districts and accept municipal and public funds for limited purposes related to those branch establishments, subject to the same requirements as banks and trust companies.

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

Takes effect immediately, with amendments deemed repealed upon any future repeal of Banking Law Section 96-d Subdivision 5.