Search
 

New York State Assembly, Senate Pass CU Parity Bill

ALBANY, N.Y. - The New York State Assembly and Senate ended their 2004 legislative session on June 29 with both houses approving the Credit Union Membership Parity Act of 2004. The bill is now headed for Gov. George Pataki's desk and is expected there sometime over the summer. The measure,...

By Staff Writer | Updated on July 06, 2004

ALBANY, N.Y. – The New York State Assembly and Senate ended their 2004 legislative session on June 29 with both houses approving the Credit Union Membership Parity Act of 2004. The bill is now headed for Gov. George Pataki’s desk and is expected there sometime over the summer. The measure, sponsored in both houses by their respective banking chairs – Assemblywoman Catherine Nolan (D-Queens) and Sen. Hugh Farley (R-Capital) – would provide state-chartered credit unions with membership qualifications comparable to those of federal credit unions, including: increasing the number of persons from an employer group that can be added to a CU’s field-of-membership from 500 to 3,000; amending the definition of family member to include siblings, stepparents, stepchildren and stepsiblings; and allowing CUs to make business loans to organizations that are CU members, subject to the same dollar limit that apply to natural person members receiving MBLs. New York State Credit Union League President/CEO William Mellin said the bill is another important step towards strengthening the state charter for New York’s state-chartered CUs. He thanked the legislative sponsors of the bill for their support and leadership.

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.