At the behest of New York Gov. Andrew Cuomo, the state's top regulator is openly encouraging more federal credit unions to convert to a state charter.
The switch would serve competition and foster state growth, claims the Cuomo administration in undertaking conversion advocacy as spelled out by Benjamin Lawsky, the state's superintendent of the Department of Financial Services.
Such switches would aid in providing banking services "to the unbanked and underbanked," said Lawsky.
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