NY Bill Passes Allowing CUs to Participate in Banking Development Program
ALBANY, N.Y. - The New York State Assembly unanimously passed the Banking Development Districts bill - A. 399 - that allows credit union in banking development districts. The Banking Development District Program provides property tax breaks to banks and thrifts that establish branches in underserved areas. It also allows municipalities to invest funds in the financials at special rates. Credit unions have not been allowed to participate in the program. The New York State Credit Union League said it plans to continue to lobby the state Senate on the measure. A.399 was sponsored by Assemblyman Ivan Lafayette (D-Queens).