NY A07421

Creates a credit union deposit program authorizing the state comptroller and commissioner of taxation and finance to deposit state funds into eligible credit unions to stimulate economic benefits.

Establishes eligibility requirements for credit unions, including New York state charter or federal charter with principal office in New York and a current examination rating of satisfactory or better.

Sets a maximum deposit limit of $250 million in aggregate per eligible credit union and allows deposits to be made at rates and periods agreed upon between state officials and the credit union.

Permits deposits to be secured by irrevocable letters of credit issued by a federal home loan bank.

Amends state finance law to authorize the commissioner of taxation and finance to deposit state moneys into credit unions, in addition to existing authorized depositories like banks and trust companies.