NY A07619

Expands the definition of "bank" under General Municipal Law to include credit unions, savings banks, savings and loan associations, and federal savings associations authorized to do business in New York.

Allows credit unions to accept municipal deposits at their principal office or branch office located within the jurisdiction of the local government making the deposit.

Allows savings banks, savings and loan associations, and federal savings associations to accept municipal deposits at their principal office or branch office located within the jurisdiction of the local government making the deposit.

Requires credit unions and savings institutions accepting public deposits to pledge assets or furnish other security satisfactory to the depositor when required by applicable law, decree, or regulation.

Takes effect 90 days after becoming law.