Senate Bill S6355A

2023-2024 Legislative Session

Relates to credit unions

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Banks 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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Bill Amendments

2023-S6355 - Details

See Assembly Version of this Bill:
A7421
Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add Art 2-D §§89 - 91, §454-a, Bank L; amd §§98-a & 105, St Fin L

2023-S6355 - Summary

Establishes a credit union deposit program for the state to deposit a portion of funds under its control into credit unions.

2023-S6355 - Sponsor Memo

2023-S6355 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6355
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              April 17, 2023
                                ___________
 
 Introduced  by  Sen. ADDABBO -- read twice and ordered printed, and when
   printed to be committed 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.
                                                            LBD10868-01-3
              

2023-S6355A (ACTIVE) - Details

See Assembly Version of this Bill:
A7421
Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add Art 2-D §§89 - 91, §454-a, Bank L; amd §§98-a & 105, St Fin L

2023-S6355A (ACTIVE) - Summary

Establishes a credit union deposit program for the state to deposit a portion of funds under its control into credit unions.

2023-S6355A (ACTIVE) - Sponsor Memo

2023-S6355A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6355--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              April 17, 2023
                                ___________
 
 Introduced  by  Sen. ADDABBO -- read twice and ordered printed, and when
   printed to be  committed  to  the  Committee  on  Banks  --  committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee
 
 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10868-02-3
              

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