A03528 Summary

• Creates a new Credit Union Deposit Program authorizing the State Comptroller and Commissioner of Taxation and Finance to deposit state funds into eligible credit unions.

• Establishes eligibility requirements for credit unions to receive deposits, including having a current examination rating of satisfactory or better and being chartered in New York or federally chartered with principal office in New York.

• Sets a maximum deposit limit of $250 million each for the State Comptroller and Commissioner of Taxation and Finance under the program.

• Amends state finance law to explicitly allow credit unions to accept state deposits and permits deposits to be secured by irrevocable letters of credit issued by federal home loan banks.

• Takes effect immediately upon enactment.