The state Assembly Ways and Means Committee is expected to vote on legislation (A-5459/S-191) Wednesday that would authorize credit unions to participate in the Excelsior Linked Deposit Program. It could be put to the floor of the Assembly next week.
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. The New York Credit Union Association strongly supports this legislation and issued a call to action in March urging credit union advocates to express their support for the bill.