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LATHAM, N.Y. – New York state-chartered credit unions now have membership qualification parity with federal credit unions. Gov. George Pataki signed in to law on Oct. 26 the State Credit Union Membership Parity Act 2004. The Credit Union Membership Parity Act 2004 was sponsored in both houses of the state legislature by their respective banking chairs – Assemblywoman Catherine Nolan (D-Queens) and Sen. Hugh Farley (R-Capital). Assembly bill A9475B was referred to the Assembly Banks Committee in January, and Senate bill S6868B went to the Senate Banks Committee in April. Among the new law’s provisions, it increases the number of persons from an employer group that can be added to a CU’s field-of-membership from 500 to 3,000; amends the definition of immediate family member to include siblings, stepparents, stepchildren and stepsiblings; and permits credit unions to make business loans to organizations that are members of the CU, subject to the same dollar amount limitations that apply to natural person members receiving loans.

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