The notion of combining regulatory agencies covering credit unions, banks and insurance firms may be a pet project of New York's new governor, Andrew Cuomo, but so far it has won only preliminary CU approval.
New York CUs gave preliminary approval Thursday to Gov. Andrew Cuomo's cost-cutting call to combine state regulatory agencies covering banks, insurance, consumer protection and credit unions into a new Department of Financial Regulation.
New York Gov. David A. Paterson (D) recently signed legislation that will enable insurance companies to deposit funds in credit unions.
New York credit unions stepped up their campaign to garner more upstate support for an enabling public funds bill as the Credit Union Association of New York brought key mayors and municipal leaders before the media to demonstrate widening backing.
The Credit Union Association of New York and CUSO CU Student Choice announced that they have entered into a strategic partnership.
The economic crisis and bank departures from rural areas were giving credit unions in eight states new hope last week their legislative proposals for deposit of public funds might stand an improved chance of passing this year.
The long running campaign by New York credit unions to win lawmaker support for deposit of public funds gained new ground this week with strong backing by both New York City Mayor Michael Bloomberg and Gov. David Paterson.