Spurred on by New York Gov. Andrew Cuomo, the state's topregulator is openly encouraging more federal credit unions toconvert to a state charter.

The switch would serve competition and foster state growth, theCuomo administration argues in undertaking conversion advocacythrough Benjamin Lawsky, the state's superintendent of the newlyorganized Department of Financial Services.

Such switches would also aid in providing banking services “tothe unbanked and under-banked,” said Lawsky.

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