New York State on map New York State on map

New York Gov. Andrew Cuomo has signed legislation allowing credit unions to participate in the state’s Banking Development District program, marking the first time credit unions will be eligible to accept public deposits in that state.

Launched in 1997, the program is intended to provide financial institutions with incentives to locate branches in communities that are designated as underserved by the state Department of Financial Services.

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David Baumann

 

Credit Union Times

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