ALBANY, N.Y. (5/12/14)--Just after the Credit Union Association of New York completed its state Governmental Affairs Conference (GAC), two key pro-credit union pieces of legislation passed through the Senate Banks Committee.
During the May 7 session, the committee approved S.5016, a bill that would create a credit union state funds deposit program, and sent it to the Senate Finance Committee. Financial institutions could offer prize-linked savings programs under S. 6805, which is headed for the Senate floor for vote (The Point May 8).
The advancement of the legislation came just days after nearly 150 credit union advocates gathered in Albany. Several sponsors added their support after the GAC meetings.
House legislation regarding the state credit union charter, penalties for demand note robberies and credit unions' ability to be depository institutions for local government also gained supporters after the GAC.