ALBANY, N.Y. (3/26/14)--A bill that would allow New York credit unions and other financial institutions to establish prize-linked savings accounts was passed by the New York State Assembly Monday.
The Credit Union Association of New York (CUANY) has actively advocated for the bill, A.9037, which was introduced by Annette Robinson (D-Metropolitan) earlier this month (The Point March 25).
An identical version of the bill, S.6805, has been introduced in the state Senate by Sen. Andrew Lanza (R-Metropolitan) and is waiting to be placed on the Senate Banks Committee agenda. CUANY is closely monitoring the bill's progress. If passed by the Senate, the two bills will be reconciled and sent to Gov. Andrew Cuomo to be signed into law.
Similar legislation passed both houses of the state Legislature last year with strong bipartisan support before being vetoed by Cuomo, who requested language revisions. The association has worked closely with the governor's office and lawmakers to update the language and move the legislation forward.