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.
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