NY A04811

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

Requires participating credit unions to be chartered under New York law with a satisfactory or better examination rating; federal credit unions with principal offices in New York may also qualify if they meet additional criteria

Caps deposits at $250 million in aggregate per eligible credit union

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

Amends the State Finance Law to add credit unions alongside banks, trust companies, and industrial banks as eligible depositories for state moneys received by the Commissioner of Taxation and Finance