Bill > A05085

This bill amends the New York Banking Law to include low-income credit unions in the Banking Development District program in cities with a population of one million or more persons. Specifically, the bill adds language allowing low-income credit unions designated under Section 450-a of the Banking Law, or federal credit unions designated as low-income by the National Credit Union Administration, to participate in the Banking Development District program. This program allows certain financial institutions, including banks and savings and loan associations, to accept municipal or public funds to establish branches in underserved areas.