LATHAM, N.Y. — New York Governor Eliot Spitzer has signed credit unions' "wild card" bill into law, according to the state league, which has been working the issue for many years.
The new law permits state chartered credit unions to request additional powers from the New York State Banking Department that are authorized for federal credit unions. The law was initially enacted in March 1997 for banks, but credit unions were left out.
"Revisions to the 'Wild Card' law was more than necessary to preserve a healthy dual-chartering system in New York State," NYSCUL President/CEO William J. Mellin commented. "The new law enhances and modernizes the state charter, making it a viable option for a newly chartered credit union or for a federal charter to convert. New York's consumers and businesses can also benefit from the new powers as state-chartered credit unions are able to find new and better opportunities to expand the selection of products and services they provide."
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He thanked bill sponsors Senator Hugh Farley (R-Capital/Adirondack), Assemblyman Darryl Towns (D-Metropolitan), and Governor Spitzer for recognizing the importance of this change.
"Passage of this legislation is a testament to the painstaking time and effort that goes into introducing and supporting a piece of legislation until it reaches a successful conclusion," league Vice President of Government Affairs Amy Kramer commented.
AmeriCU Credit Union CEO Mark Pfisterer complimented the league's government affairs staff. "This legislation was a 'must have' for state charters and will immediately provide competitive opportunities…" he said "The lesson–it may have taken several years. But consistent advocacy produces results."
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