NY 'Wild Card' Bill for CUs Nearly Law
LATHAM, N.Y. -- State chartered credit unions in New York are awaiting the governor's signature on a bill that would provide them parity with their federal counterparts.
So-called "wild card" provisions would allow state chartered credit unions to participate in the same activities as federally chartered credit unions. The banks got a similar law enacted for state chartered banks in New York in 1997, but credit unions were not included.
The bill (S.4392-B and A.9260) now goes to Governor Eliot Spitzer's desk for approval and the New York State Credit Union League said that all indications are that he will sign the bill into law. "The success of this legislation further validates grassroots advocacy efforts by our New York credit unionists on lobby days and throughout the year," league President/CEO William J. Mellin said. "It was work done to guarantee that the state charter is not only preserved, but a viable option for federally-chartered credit unions, as well."
Currently, New York has 24 state-chartered credit unions and 479 federal charters.
In related news, other league backed, bills relating to identity theft (S.5541-A & S. 4565/ A.61-A & A.217-B), universal default (S.2969-B/A.335) and predatory home loans (S.5618-A/A.4408-A) also passed both houses and are expected to be signed by the governor.