Gov. Andrew Cuomo signed into law Friday a five-year extension of the state’s 2007 wild card law. Wild card powers provide state-chartered credit unions, banks and thrifts with the opportunity to exercise the same banking powers that are available to federally chartered institutions – a vital mechanism for ensuring the state-charter remains competitive with the federal charter.

The legislation, A.7604/S.5411, was introduced by Assemblywoman Marianne Buttenschon, D-Utica Rome, and by Sen. James Sanders Jr., D-Metropolitan.

The New York Credit Union Association strongly supports the legislation, which passed both houses of the Legislature with overwhelming bipartisan support. Prior to Cuomo’s approval, the Association relayed the credit union movement’s support for the legislation to the governor’s administration.

“Gov. Cuomo has shown a real, continued commitment to enhancing the state charter and ensuring it remains competitive with the federal charter,” said Association President/CEO William J. Mellin. “On behalf of New York’s credit unions, I thank Gov. Cuomo and all the lawmakers who supported this important legislation.”