State Senator Velmanette Montgomery (D-Fort Greene, Boerum Hill, Red Hook, Bedford-Stuyvesant, Sunset Park, Gowanus, Park Slope) announced that her Credit Union Bill (S727-A/A3320-Zebrowski) passed the New York State Senate and now awaits a vote in the Assembly.
The measure would allow credit unions to receive the same economic incentives as banks to operate in underserved communities through the Banking Development District (BDD) program.
“There are entire communities across our state where major banking institutions are nowhere to be found to provide financial services. This leaves residents, many of whom are already low income, to deal with operations that charge exorbitant fees and interest rates. I believe in credit unions and I believe in the role they can play in making sure more New Yorkers have access to quality, local financial institutions that reinvest in communities,” said Montgomery.
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