ALBANY, N.Y. – The New York Assembly unanimously passed a bill that allows New York state and federal credit unions to participate in the Excelsior Linked Deposit Program. The program addresses the need to make more capital available and affordable to small businesses by leveraging state resources. Credit unions are currently excluded from participating in the program. An identical bill, S. 4945-B, to the House bill, A. 9808-A, is currently being considered by the Senate Finance Committee. Amy Kramer, director of governmental affairs for the New York State Credit Union League said the league is hopeful the Senate will recognize that small businesses need greater access to capital through a wider range of lenders.
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