Bill > S06355

This bill amends the banking law and state finance law to establish a credit union deposit program. The key provisions are: 1. The state comptroller and commissioner of taxation and finance can deposit a portion of funds under their control into eligible credit unions, both state-chartered and federal credit unions with a principal office in New York, as long as they have a satisfactory or better examination rating. 2. The maximum amount of funds that can be deposited into each eligible credit union is $250 million in aggregate. 3. Deposits can be made at rates and periods of time agreed upon by the state and the eligible credit union, and may be secured by an irrevocable letter of credit issued by a federal home loan bank. 4. The bill also amends the state finance law to allow credit unions, in addition to banks and trust companies, to accept deposits of public money from the commissioner of taxation and finance.

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https://www.nysenate.gov/legislation/bills/2023/S6355