NY A05085

Expands the definition of eligible institutions in the banking development district program to include low income credit unions designated under Banking Law Section 450-a and federal credit unions designated as low income by the National Credit Union Administration, but only in cities with populations of one million or more persons

Permits these low income credit unions to establish branches in banking development districts and accept municipal and public funds for that limited purpose, subject to the same requirements applied to banks and trust companies

Requires the superintendent of financial services to promulgate rules and regulations authorizing the participation of these low income credit unions in the banking development district program

Takes effect immediately, though the amendments are deemed repealed upon any future repeal of Banking Law Section 96-d subdivision 5