NY A02454

Creates a Credit Union Deposit Program authorizing the State Comptroller and Commissioner of Taxation and Finance to deposit state funds into eligible credit unions, with a maximum of $250 million per official.

Establishes eligibility requirements for credit unions to receive state deposits, including a current examination rating of satisfactory or better, with federal credit unions eligible if their principal office is in New York and they meet additional criteria such as loan-to-deposit ratios and small business lending records.

Allows deposits to be made at rates and for periods agreed upon by state officials and credit unions, and permits deposits to be secured by irrevocable letters of credit issued by federal home loan banks.

Amends State Finance Law sections 98-a and 105 to specifically authorize the Comptroller and Commissioner of Taxation and Finance to deposit state moneys in credit unions alongside existing authorized depositories (banks and trust companies).

Takes effect immediately upon enactment.