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History
- Vetoed memo.275
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.621
- Substituted for A3510
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 59–4
- Ordered to third reading cal.1554
- Committee discharged and committed to rules
- Reported and committed to finance
Show 1 earlier action
- Referred to banks
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to credit union memberships and membership powers
Assembly Floor Calendar · Sponsor Annette Robinson
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S2089
Title of bill
An act to amend the banking law, in relation to credit union memberships and general powers
Purpose
This bill would expand the qualifications for membership into credit unions and to create parity with federal credit unions in the areas of investing and branching.
Summary of provisions
Section 1. Amends subdivision 2 of section 451 to provide that the qualification for memberships shall be determined by a new section 451-a and shall not apply to a corporate credit unions.
Section 2. Adds a new section 451-a to the banking law to provide that the qualification for memberships shall be determined by the board of directors of the credit union.
Section 3. Amends subparagraph (i) of paragraph (a) of subdivision 18 of section 454 of the banking law to authorize credit unions to invest in projects of State corporations that work with housing projects, slum clearance corporations, small business investment corporations and urban development corporations.
Section 4. Amends subdivision 21 of section 454 of the banking law to create parity with savings bank as it relates to owning real property and improvements thereon for the purpose of conducting business.
Section 5. Amends section 454 of the banking law by adding a new subdivision to create parity with federal credit unions as it relates to exercising incidental powers.
Section 6. Provides that this act shall take effect on the ninetieth day.
Justification
State chartered credit unions remain an important component of the financial services industry. A healthy dual chartering system and the ability for credit unions to reach as many New Yorkers in need of their products and services are essential elements toward their continued success. These revisions to the State Credit Union Act ensure credit unions are able to meet the financial services needs of low and working class New Yorkers by enabling them to reach into these communities and off them membership and services through a viable business model. The revisions also ensure state chartered credit unions remain a viable alternative to federal credit unions fostering a healthy dual chartering system by maintaining parity with federal law and regulation.
Legislative history
2011-12 S.4567C Finance Committee/A. 8145C - Ways and Means Committee
Fiscal implications
To be determined.
Effective date
This act shall take effect on the ninetieth day after it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.