ALBANY, N.Y. (5/30/14)--A revised version of a bill that would allow credit unions and other financial institutions to offer prize-linked savings accounts has again passed the New York Legislature, and for the second time awaits the signature of Gov. Andrew Cuomo.
The Senate recently voted to approve the bill, and an identical companion bill has already been passed by the Assembly (The Point May 29).
The bill should be familiar to Cuomo, who vetoed an earlier iteration last year over concerns he had about certain language violating the state's constitution.
In response, the Credit Union Association of New York, which strongly advocated for the bill, worked closely with the governor's office, the Department of Financial Services and the state Gaming Commission to put together the updated piece of legislation, a concept for which Cuomo has shown public support.
"The governor's office wants to see it happen," Michael Lanotte, CUANY senior vice president/general counsel, told News Now earlier this year (March 26).
Prize-linked savings accounts are products that can be offered by credit unions and other financial institutions that incentivize and reward members and consumers for healthy savings behavior.