LATHAM, N.Y. — The New York State Credit Union League haslearned that Governor Eliot Spitzer has signed credit unions' “wildcard” bill into law.

The new law permits state chartered credit unions to requestadditional powers from the New York State Banking Department thatare authorized for federal credit unions. The law was initiallyenacted in March 1997 for banks, but credit unions were left off ofit. The league had been working on the issue for many years.

“Revisions to the 'Wild Card' law were more than necessary topreserve a healthy dual-chartering system in New York State,”NYSCUL President/CEO William J. Mellin commented. “The new lawenhances and modernizes the state charter, making it a viableoption for a newly chartered credit union or for a federal charterto convert. New York's consumers and businesses can also benefitfrom the new powers as state-chartered credit unions are able tofind new and better opportunities to expand the selection ofproducts and services they provide.”

Mellin thanked bill sponsors Senator Hugh Farley(R-Capital/Adirondack), Assemblyman Darryl Towns (D-Metropolitan),and Governor Spitzer for recognizing the importance of thischange.