The state Assembly’s Rules Committee today passed legislation (A-5459/S-191) that would authorize credit unions to participate in the Excelsior Linked Deposit Program, sending the bill for a full Assembly vote, the last step — if passed — before it can be sent to the governor. The Senate passed the bill Tuesday.

Passage of this bill would be a major accomplishment as it would authorize credit unions participating in the program to use public funds as collateral for excelsior loans.  

The Senate on Tuesday also passed the electronic remote notarization bill (S-1780-C) and A-399-B), sending the bill to the Assembly’s Governmental Operations Committee.

The passage of both these bills is a direct reflection of New York Credit Union Association members and leaders working closely with the Legislature.