The New York Credit Union Association on Monday issued an urgent call to action on legislation (A-5459/S-191) that would authorize credit unions to participate in the Excelsior Linked Deposit Program.
Since its inception, the Excelsior Linked Deposit Program has allowed entities in New York State to get reduced-rate financing so they can provide less expensive loans to borrowers. Credit unions are exceptionally well-suited to make these types of loans, but they are excluded from the program.
During its 10 a.m. meeting today, the state Assembly Committee on Economic Development, Job Creation, Commerce and Industry passed the Assembly legislation and it is now on its way to the Assembly Ways & Means Committee for consideration.
The Association strongly supports the legislation and invited all credit union advocates to participate in its call to action, by sending a pre-drafted letter in support of the bill to lawmakers in their district, as well as members of the Economic Development and Finance Committees.
The Association thanks those for their engagement and support on this important legislative matter.