ALBANY, N.Y. (6/23/14)--The New York Senate passed legislation last week that would allow state-chartered credit unions to further diversify their fields of membership.
The legislation would allow state-chartered credit unions to apply for the ability to combine select employer groups, associational and community groups into a single field of membership.
The state Assembly version of the bill was passed earlier in the week. The legislation is now ready to be delivered to Gov. Andrew Cuomo to be signed into law.
"We modeled the legislation after a handful of other states that have similar laws for state charters," Michael Lanotte, Credit Union Association of New York (CUANY) senior vice president/general counsel told News Now. "Those states have pretty high percentages of credit unions with state charters, so we believe this legislation will make the state charter a more attractive choice for our credit unions."
CUANY has strongly advocated for the legislation, which was passed during the last day of the legislative session. The league has worked closely with the governor's office and top lawmakers to address certain language revisions requested by Cuomo.