Assembly Bill A644

2017-2018 Legislative Session

Relates to credit unions

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2017-A644 (ACTIVE) - Details

See Senate Version of this Bill:
S1442
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add Art 2-D §§89 - 91, add §454-a, Bank L; amd §§98-a & 105, St Fin L
Versions Introduced in Other Legislative Sessions:
2013-2014: A7198, S5016
2015-2016: A774, S3616
2019-2020: A2454, S3028
2021-2022: A3528

2017-A644 (ACTIVE) - Summary

Relates to credit unions.

2017-A644 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    644
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              January 9, 2017
                                ___________
 
 Introduced  by  M.  of  A.  RODRIGUEZ  --  read once and referred to the
   Committee on Banks
 
 AN ACT to amend the banking law and the state finance law,  in  relation
   to credit unions
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. The banking law is amended by adding a new article  2-D  to
 read as follows:
                                ARTICLE 2-D
                       CREDIT UNION DEPOSIT PROGRAM
 SECTION 89. CREDIT UNION DEPOSIT PROGRAM; PURPOSE.
         90. ELIGIBILITY.
         91. DEPOSITS.
   §  89.  CREDIT  UNION  DEPOSIT PROGRAM; PURPOSE. IN RECOGNITION OF THE
 ECONOMIC BENEFITS AND STIMULUS WHICH RESULT FROM THE PLACEMENT OF DEPOS-
 ITS IN LOCAL CREDIT UNIONS, THE CREDIT UNION DEPOSIT PROGRAM  IS  HEREBY
 CREATED TO AUTHORIZE AND ENCOURAGE THE STATE COMPTROLLER AND THE COMMIS-
 SIONER  OF  TAXATION AND FINANCE TO DEPOSIT A PORTION OF THE FUNDS UNDER
 THEIR CONTROL INTO CREDIT UNIONS.
   § 90. ELIGIBILITY. 1. TO BE ELIGIBLE TO RECEIVE DEPOSITS, OR TO  RENEW
 EXISTING  DEPOSITS  UNDER THIS PROGRAM, A CREDIT UNION MUST BE CHARTERED
 UNDER THE PROVISIONS OF THIS CHAPTER AND MUST HAVE A CURRENT EXAMINATION
 RATING OF SATISFACTORY OR BETTER. THE SUPERINTENDENT SHALL, IF REQUESTED
 BY THE STATE COMPTROLLER OR THE COMMISSIONER OF  TAXATION  AND  FINANCE,
 CONFIRM  WHETHER  A PARTICULAR CREDIT UNION MEETS THE CRITERIA SPECIFIED
 IN THIS SECTION.
   2. A FEDERAL CREDIT UNION MAY ALSO BE ELIGIBLE TO RECEIVE DEPOSITS, OR
 TO RENEW EXISTING DEPOSITS, UNDER THIS PROGRAM  IF:  (A)  ITS  PRINCIPAL
 OFFICE IS LOCATED IN THIS STATE; (B) IT HAS A CURRENT EXAMINATION RATING
 OF  SATISFACTORY  OR  BETTER;  AND  (C) IT MEETS ANY ADDITIONAL CRITERIA
 ESTABLISHED BY THE COMPTROLLER AND  THE  COMMISSIONER  OF  TAXATION  AND
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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