Bill > A07421

This bill establishes a credit union deposit program that allows the state comptroller and the commissioner of taxation and finance to deposit a portion of the funds under their control into eligible credit unions. The bill sets the criteria for credit union eligibility, including having a satisfactory or better examination rating, and allows both state-chartered and federal credit unions to participate. The bill also specifies the maximum amount of funds that can be deposited into each eligible credit union and allows the deposits to be secured by an irrevocable letter of credit. Additionally, the bill amends the banking law and the state finance law to authorize credit unions to accept deposits of public money.

Budget and Finance, Business and Industry

https://www.nysenate.gov/legislation/bills/2023/A7421