senate Bill S2089

Vetoed By Governor
2013-2014 Legislative Session

Relates to credit union memberships and membership powers

download bill text pdf

Sponsored By

Archive: Last Bill Status -

  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Vetoed by Governor

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view actions (13)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Dec 18, 2013 vetoed memo.275
Dec 06, 2013 delivered to governor
Jun 21, 2013 returned to senate
passed assembly
ordered to third reading rules cal.621
substituted for a3510
referred to ways and means
Jun 20, 2013 delivered to assembly
passed senate
ordered to third reading cal.1554
committee discharged and committed to rules
Apr 23, 2013 reported and committed to finance
Jan 10, 2013 referred to banks


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S2089 - Details

See Assembly Version of this Bill:
Law Section:
Banking Law
Laws Affected:
Amd §§451 & 454, add §451-a, Bank L
Versions Introduced in 2011-2012 Legislative Session:
S4567C, A8145C

S2089 - Summary

Relates to credit union memberships and membership powers; sets forth the qualifications for membership in a credit union; and amends the powers of credit unions in relation to business loans, investment activities and other powers.

S2089 - Sponsor Memo

S2089 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K


                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 10, 2013

Introduced  by  Sen.  GRIFFO -- read twice and ordered printed, and when
  printed to be committed to the Committee on Banks

AN ACT to amend the banking law, in relation to credit union memberships
  and general powers


  Section  1.    Subdivision  2  of  section  451 of the banking law, as
amended by chapter 660 of the laws  of  2004,  is  amended  to  read  as
  2. The qualifications for membership.
  [(a) Membership shall be limited to:
  (1) persons having a common employer;
  (2)  persons  and  organizations  who  are  members of the same trade,
industry, profession, club, union, society or other association;
  (3) in the case of a credit union incorporated under this  chapter  as
of  the effective date of this subdivision, and with the approval of the
superintendent, which approval  shall  not  be  given  if  it  would  be
destructive  of  competition within a municipality, more than one common
employer; provided, however, that an employer  group  with  under  three
thousand  employees may be added upon receipt of a notice as provided in
subdivision two of section four hundred seventy-eight of this article;
  (4) with the approval  of  the  superintendent,  and  subject  to  the
provisions  of  paragraph  (b)  of this subdivision, more than one group
each of which has, within  the  group,  a  common  bond  of  occupation,
including  a  common employer, or association; provided, however, that a
group of less than three thousand members, which  is  within  reasonable
proximity to the credit union's service area or areas, may be added upon
receipt  of  a  notice  as  provided  in subdivision two of section four
hundred seventy-eight of this article; or
  (5) persons and organizations within a well-defined  local  community,
neighborhood  or  rural  district  and who in the judgment of the super-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.


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