ALBANY, N.Y. (6/21/13--UPDATED: 5:15 p.m.)--Legislation that expands the ability of credit unions to provide vital financial services to New Yorkers and their families has passed the State Senate and Assembly. The legislation gives state-chartered credit unions the ability to include select employee groups (SEGs), associations and communities within the same field of membership.
The new measure, sponsored by Sen. Joseph Griffo and Assemblywoman Annette Robinson, enhances the credit union state charter through expanded membership and investment options, said the Credit Union Association of New York, which advocated strongly for passing the legislation.
The measure also includes a provision that enables state-chartered credit unions to increase investments in their communities and programs aimed at community reinvestment--including projects of state corporations that work with housing projects, slum clearance corporations, small business investment corporations and urban development corporations.
The bill will now be sent to Gov. Andrew Cuomo.
"We salute the New York State Legislature for passing this legislation, which enhances the state charter and opens the door for more New Yorkers to have a not-for-profit, cooperative financial services option," said William J. Mellin, CUANY president/CEO. "OuraAssociation will continue to advocate for legislation that benefits New Yorkers and promotes parity among state and federal charters."