Senator Montgomery’s Credit Union Bill (S727-A/A3320-Zebrowski) passes the Senate. The bill 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 and within my district where major banking institutions are nowhere to be found to provide financial services. This leaves residents to deal with operations that charge exorbitant fees and interest rates.
"I believe in credit unions like Concord Federal Credit Union, the first I joined as a member of Concord Baptist Church 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 Senator Montgomery.
For more information on the bill, visit https://www.nysenate.gov/legislation/bills/2019/s727/amendment/a