Banking Development Districts bill clears Legislature, heads to Gov. Cuomo’s desk

assemblysealIn a major victory for New York’s credit unions, the state Assembly passed an important bill last night allowing credit unions access to the state Banking Development District Program for the first time. The legislation, A.3320, which was introduced by Assembly Banks Committee Chairman Kenneth Zebrowski, D-Westchester-Rockland, will now head to Gov. Andrew Cuomo’s office to be signed into law.

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Association urging CU action on municipal deposits legislation

New York State Capitol Building, Albany

The New York Credit Union Association yesterday issued a new, urgent call to action on legislation that would grant local governments the authority to deposit funds in credit unions. The Association vehemently supports the legislation, A.3262-A (Zebrowski)/S.6079-A (Sanders), and is strongly encouraging every credit union advocate in New York—including those who previously took action on this matter—to contact their state lawmakers and urge them to support the legislation.

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State Senate passes Banking Development District bill

New York State Capitol

The state Senate passed an important bill yesterday that would grant credit unions access to the state Banking Development District Program. The legislation was introduced by Sen. Velmanette Montgomery, D-Metropolitan. Passage of the legislation would include credit unions within the definition of a bank, trust company or national bank for the purpose of the BDD Program.

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Association issues call to action on Banking Development District bill

New York State Capitol

The New York Credit Union Association on Friday issued an urgent call to action on legislation that would grant credit unions access to the Banking Development District Program. The move would greatly benefit and improve access to basic banking services for many unbanked and underserved communities throughout the state. The Association strongly supports the legislation, A.3320 (Zebrowski)/S.727-A (Montgomery), and is encouraging all New York credit union advocates to contact their state lawmakers and urge them to support the legislation.

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