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History
- Reported and committed to rules
- Referred to banks
- Reported and committed to finance
- 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 unions
In Assembly Committee · Ways And Means · Sponsor Robert J. Rodriguez
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S3616
Title of bill
An act to amend the banking law and the state finance law, in relation to credit unions
Purpose
To create the credit union deposit program.
Summary of provisions
This bill amends Article 2 and section 454 of the Banking Law and section 98-a and 105 of the State Finance Law to create the credit union deposit program.
Justification
This legislation creates the credit union deposit program which seeks to encourage the State Comptroller and the Commissioner of Taxation and Finance to consider placing State funds into local credit unions. This program recognizes that local credit unions are well-positioned to use their deposits to support economic activities in their communities.
By encouraging the placement of State deposits in local credit unions, this program creates an opportunity for New York State to help stimulate local economic development. Currently, much of the State's funds may be placed in brokerage firms or in large banking institutions, many of which may be head quartered in another state. In either of those cases, the economic benefits of the State deposits may flow out of the state, and the resulting local economic benefit can be minimal.
In contrast, deposits in local credit unions can have a significant impact within that particular community. The placement of state deposits would help enable these community banking institutions to meet the economic needs of their local communities. Because many small communities are home to credit unions, creating the program would be of benefit to the economies of these small communities.
The intent of this legislation is to encourage the State to consider placing a portion of its funds in local credit unions. While the Comptroller and the Commissioner are not required to make such deposits, they are encouraged to consider the benefits of such an approach. This would enhance the ability of credit unions to support the economies of their communities by making loans to their members.
Legislative history
S5016 of 2013-14; Reported and Committed to Finance
Fiscal implications
None
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.