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ALBANY, N.Y. – The New York State Chartered Credit Union Modernization Act, S. 3851A, sponsored in the Senate by Sen. Hugh Farley (R-Capital), chairman of the Senate Banks Committee and in the Assembly by Assemblywoman Aurelia Greene (D-Metro), was reported from the Senate Banks Committee. The Assembly version of the bill is still in that chamber’s Banks Committee, but the New York State Credit Union League’s governmental affairs staff expects it to move later this month. Several of the provisions of S-3851A would give SCCUs parity with FCUs including allowing them to serve retirees and household members; managing reserves; and the same investment, borrowing, and lending powers. The measure also increases the amount a credit union can invest in a CUSO; clarifies and expands SCCUs’ ability to manage personal property; and protects CU staff and members from abusive members by authorizing their suspension or expulsion from their CU. In other New York State Senate activity, the Senate Finance Committee voted to report legislation – S.1151A – to allow credit unions to participate in the Excelsior Linked Deposit Program (ELDP). Created in 1993, the program addresses the need to make more capital available and affordable to small businesses by leveraging state resources. The ELDP authorizes the state to make available up to $350 million so eligible small businesses can receive loans that are two to three percentage points lower than the prevailing rate. Credit Unions are currently not authorized to participate in ELDP.

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