The New York Credit Union Association is urging Gov. Kathy Hochul to sign legislation that would authorize credit unions to participate in the Excelsior Linked Deposit Program. The legislation, a key legislative priority for the Association, was sent to Gov. Kathy Hochul on Wednesday and would give credit union lenders access to state deposits in return for making qualifying small business loans of up to $2 million. 

“Allowing credit unions to participate in the Excelsior Linked Deposit Program is a win-win from a credit union and business standpoint, and on behalf of all credit unions in New York state, we are urging Gov. Kathy Hochul to sign this bill,” said William J. Mellin, Association president/CEO. “In addition to opening the door for public deposits in credit unions and allowing credit unions to more easily serve New York businesses, the legislation also provides businesses with more choices when it comes to accessing affordable financial solutions.” 

Passage of the bill earlier this year by the Legislature is a direct reflection of New York Credit Union Association members’ and leaders’ advocacy, working closely with the Legislature and participating in calls to action.  

The governor has until Oct. 25 to sign or veto the bill.