New York credit unions saved their wild card statutory parity with federal credit unions.
The wild card extender law that authorizes state-chartered banks and CUs direct powers permitted by federal charters without first obtaining legislative amendments. The law, signed by Gov. David A. Paterson, was made effective July 11.
The law extends for two years the sunset provisions; the current law was set to expire Sept. 9.
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In a statement, the Credit Union Association of New York said the wild card legislation
has been a priority issue for the trade group during 2009 as state legislators wrangled in a politically charged stalemate, which tied up legislation for months.
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