Assembly Bill A7421

2023-2024 Legislative Session

Relates to credit unions

download bill text pdf

Sponsored By

Current 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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2023-A7421 (ACTIVE) - Details

See Senate Version of this Bill:
S6355
Current Committee:
Assembly Ways And Means
Law Section:
Banking Law
Laws Affected:
Add Art 2-D §§89 - 91, §454-a, Bank L; amd §§98-a & 105, St Fin L

2023-A7421 (ACTIVE) - Summary

Establishes a credit union deposit program for the state to deposit a portion of funds under its control into credit unions.

2023-A7421 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7421
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 19, 2023
                                ___________
 
 Introduced by M. of A. HUNTER -- read once and referred to the Committee
   on Banks
 
 AN  ACT  to amend the banking law and the state finance law, in relation
   to credit unions
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  The banking law is amended by adding a new article 2-D to
 read as follows:
                                ARTICLE 2-D
                       CREDIT UNION DEPOSIT PROGRAM
 SECTION 89. CREDIT UNION DEPOSIT PROGRAM; PURPOSE.
         90. ELIGIBILITY.
         91. DEPOSITS.
   § 89. CREDIT UNION DEPOSIT PROGRAM; PURPOSE.  IN  RECOGNITION  OF  THE
 ECONOMIC BENEFITS AND STIMULUS WHICH RESULT FROM THE PLACEMENT OF DEPOS-
 ITS  IN  LOCAL CREDIT UNIONS, THE CREDIT UNION DEPOSIT PROGRAM IS HEREBY
 CREATED TO AUTHORIZE AND ENCOURAGE THE STATE COMPTROLLER AND THE COMMIS-
 SIONER OF TAXATION AND FINANCE TO DEPOSIT A PORTION OF THE  FUNDS  UNDER
 THEIR CONTROL INTO CREDIT UNIONS.
   §  90. ELIGIBILITY. 1. TO BE ELIGIBLE TO RECEIVE DEPOSITS, OR TO RENEW
 EXISTING DEPOSITS UNDER THIS PROGRAM, A CREDIT UNION MUST  BE  CHARTERED
 UNDER THE PROVISIONS OF THIS CHAPTER AND MUST HAVE A CURRENT EXAMINATION
 RATING OF SATISFACTORY OR BETTER. THE SUPERINTENDENT SHALL, IF REQUESTED
 BY  THE  STATE  COMPTROLLER OR THE COMMISSIONER OF TAXATION AND FINANCE,
 CONFIRM WHETHER A PARTICULAR CREDIT UNION MEETS THE  CRITERIA  SPECIFIED
 IN THIS SECTION.
   2. A FEDERAL CREDIT UNION MAY ALSO BE ELIGIBLE TO RECEIVE DEPOSITS, OR
 TO  RENEW  EXISTING  DEPOSITS,  UNDER THIS PROGRAM IF: (A) ITS PRINCIPAL
 OFFICE IS LOCATED IN THIS STATE; (B) IT HAS A CURRENT EXAMINATION RATING
 OF SATISFACTORY OR BETTER; AND (C)  IT  MEETS  ANY  ADDITIONAL  CRITERIA
 ESTABLISHED  BY  THE  COMPTROLLER  AND  THE COMMISSIONER OF TAXATION AND
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10868-03-3
              

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