ALBANY, N.Y. – New procedures making it easier for the state's 39 state-chartered credit unions to add select employee groups went into effect Sept. 19. Gov. George Pataki signed into law a bill introduced by Sen. Hugh Farley (R-Capital) and Assemblywoman Aurelia Greene (D-Metro) that gives CUs the flexibility to diversity their memberships in a timely manner and ensures that SCCUs remain competitive with federal credit unions and other financial service providers. Instead of a process that used to take SCCUs several months, adding a new SEG under the new law should now take less than 10 days in most cases. The law also gives SCCUs permission to invest in the stock of a Federal Home Loan Bank.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 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.
