Search
 

New York State Assembly passes bill allowing CU participation in development districts

ALBANY, N.Y. - The New York State Assembly on April 17 unanimously passed a bill by a vote of 146-0 giving credit unions permission to participate in the Banking Development District program which was created in 1997 to provide tax breaks to banks and thrifts that establish branches in underserved...

By Staff Writer | Updated on April 23, 2002

<p>ALBANY, N.Y. – The New York State Assembly on April 17 unanimously passed a bill by a vote of 146-0 giving credit unions permission to participate in the Banking Development District program which was created in 1997 to provide tax breaks to banks and thrifts that establish branches in underserved areas. Credit unions are currently excluded from participating in the program. The New York State Credit Union League said credit unions’ participation in the program would give municipalities the option to invest in not-for-profit financial institutions that generally return higher rates on deposits. Municipal deposits, in turn could be used to provide lending capital to potential borrowers in the community. Assembly bill A.966-A was sponsored by Assemblyman Ivan Lafayette (D-Queens). NYCUL has requested that the Senate version of the bill, S.4632, sponsored by Sen. Hugh Farley (R-Schenectady), which is currently in the Senate Banking Committee, be reported.</p>

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:

  • 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.

Already have an account?

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.

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.