Legislation Opens Credit Union Services to More New Yorkers
ALBANY, NY (June 24, 2013) Important legislation that expands the ability of credit unions to provide vital financial services to New Yorkers and their families has passed the State Senate and Assembly. The new measure, sponsored by Sen. Joseph Griffo and Assemblywoman Annette Robinson, enhances the credit union state charter through expanded membership and investment options.
Specifically, the legislation gives state-chartered credit unions the ability to include select employee groups (SEGs), associations and communities within the same field of membership. It also includes a provision that enables state-chartered credit unions to increase investments in their communities and programs aimed at community reinvestment—including projects of State corporations that work with housing projects, slum clearance corporations, small business investment corporations and urban development corporations.
The Credit Union Association of New York (CUANY) has advocated strongly for the passage of this legislation, which will now be sent to Governor Andrew Cuomo.
“We salute the NYS Legislature for passing this legislation, which enhances the state charter and opens the door for more New Yorkers to have a not-for-profit, cooperative financial services option,” said William J. Mellin, CUANY president/CEO. “Our Association will continue to advocate for legislation that benefits New Yorkers and promotes parity among state and federal charters.”
The Credit Union Association of New York has served as the trade association for the state’s credit unions for 96 years. New York credit unions have assets of more than $62 billion and serve 4.8 million members. To learn more about the Association, visit www.cuany.org. To find a credit union or learn more about the credit union movement, visit www.asmarterchoice.org.