Legislation that expands the ability of credit unions to provide financial services to New Yorkers and their families has passed the State Senate and Assembly. The new measure, sponsored by Sen. Joseph Griffo and Assemblywoman Annette Robinson, enhances the credit union state charter through expanded membership and investment options.

The legislation gives state-chartered credit unions the ability to include select employee groups.  associations and communities within the same field of membership. It also includes a provision that enables state-chartered credit unions to increase investments in their communities and programs aimed at community reinvestment, including projects of state corporations that work with housing projects, slum clearance corporations, small business investment corporations and urban development corporations.

The Credit Union Association of New York has advocated strongly for the passage of this legislation, which will now be sent to Gov. Andrew Cuomo.