The New York Credit Union Association is encouraging all New York credit union advocates to continue urging the governor to sign legislation that would allow credit unions to participate in the Banking Development District Program. With the year winding down, the timeline for Gov. Andrew Cuomo to act on the legislation is getting slimmer and slimmer.
The legislation, S.727-A/A.3320, passed both houses in the state Legislature with bipartisan support and is now on its way to Cuomo’s desk. The Association strongly supports the legislation and is encouraging all New York credit union leaders to contact the governor and urge him to sign the legislation.
The legislation could make its way to Cuomo’s desk for his approval at any time.
Last week, a new email with information on how to contact Cuomo’s office was sent to New York credit union professionals and volunteers. For assistance with contacting the governor’s office, email email@example.com.
The BDD Program was created in 1997 to encourage financial institutions to establish branches in economically distressed communities throughout New York where there is a demonstrated need for banking services. Banks and trust companies have continually declined to participate in the program, yet credit unions remain unable to participate. The legislation would grant credit unions access to the program.