New York Gov. Andrew Cuomo signed a bill into law Dec. 17 that will allow state-chartered credit unions to combine select employer groups, association and community groups into a single field of membership.

State-chartered credit unions will now be allowed to apply for a membership field that includes community, association and occupation-based groups at the same time. The new law takes effect March 16, 2015.

However, credit unions must still meet common-bond requirements and the law does not create any new affiliation or membership categories. New York's Department of Financial Services will be responsible for approving field of membership expansion requests.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.