LATHAM, N.Y. — State chartered credit unions in New York are very close to obtaining parity not only with the banks in the state regarding a "wild card" law, but also parity with their federal counterparts.
So-called "wild card" provisions would allow state chartered credit unions to participate in the same activities are federally chartered credit unions; a similar law was enacted for state chartered banks in New York in 1997, but credit unions were not included.
The bill now goes to the governor's desk and the New York State Credit Union League said that all indications are that he will sign the bill into law. "The success of this legislation further validates grassroots advocacy efforts by our New York credit unionists on lobby days and throughout the year," league President/CEO William J. Mellin said. "It was work done to guarantee that the state charter is not only preserved, but a viable option for federally-chartered credit unions, as well."
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