Assembly Bill A5776

2017-2018 Legislative Session

Includes credit unions and federal credit unions within the definition of bank, trust company or national bank for purpose of banking development district program

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Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2017-A5776 (ACTIVE) - Details

See Senate Version of this Bill:
S5187
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §§96-d & 451-a, Bank L
Versions Introduced in Other Legislative Sessions:
2013-2014: A8693
2015-2016: A3521, S5521
2019-2020: S727

2017-A5776 (ACTIVE) - Summary

Relates to including credit unions and federal credit unions within the definition of bank, trust company or national bank for the purpose of the banking development district program (which was created to encourage the establishment of bank branches in geographic locations where there is a demonstrated need for banking services); relates to directing the banking board to promulgate rules and regulations to authorize the participation of credit unions and federal credit unions in such program; provides that for purposes of such program, a credit union may include in its membership any person or organization located within a local community, neighborhood or rural district where there is a demonstrated need for banking services.

2017-A5776 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5776
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 15, 2017
                                ___________
 
 Introduced  by  M.  of  A.  ZEBROWSKI  --  read once and referred to the
   Committee on Banks
 
 AN ACT to amend the banking law, in relation to including credit  unions
   and federal credit unions within provisions regarding banking develop-
   ment district program
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 5 of section 96-d of the banking law, as  added
 by  chapter 526 of the laws of 1998, paragraph (a) as amended by chapter
 328 of the laws of 1999, paragraph (b) as further amended by section 104
 of part A of chapter 62 of the laws of  2011,  is  amended  to  read  as
 follows:
   5.  (a)  Notwithstanding  the provisions of subdivision two of section
 two hundred thirty-seven of this  chapter;  for  the  purposes  of  this
 section,  paragraph  c  of subdivision two of section ten of the general
 municipal law, subdivision six of section one hundred five of the  state
 finance  law and section four hundred eighty-five-f of the real property
 tax law, any reference to a bank, trust company or national  bank  shall
 be  deemed  to  include  a  savings  bank, savings and loan association,
 federal savings and loan association [or], federal savings bank,  CREDIT
 UNION  OR  FEDERAL CREDIT UNION; provided, however, that such provisions
 of law do not grant a savings bank, savings and loan association, feder-
 al savings and loan association [or], federal  savings  bank,  A  CREDIT
 UNION  OR  A  FEDERAL  CREDIT  UNION  eligibility to accept municipal or
 public funds or municipal or public moneys other than  for  the  limited
 purposes  of  the  establishment  of  a  branch in a banking development
 district pursuant to this section. Any such municipal or public funds or
 moneys shall be deposited only at the  branch  established  pursuant  to
 this section, and any municipal funds or moneys may be deposited only by
 the  sponsoring municipality in which the branch and banking development
 district are located; provided further that any such municipal or public
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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