LATHAM, N.Y. — The New York State Credit Union League has learned that Governor Eliot Spitzer has signed credit unions' “wild card” bill into law.
The new law permits state chartered credit unions to request additional powers from the New York State Banking Department that are authorized for federal credit unions. The law was initially enacted in March 1997 for banks, but credit unions were left off of it. The league had been working on the issue for many years.
“Revisions to the 'Wild Card' law were more than necessary to preserve a healthy dual-chartering system in New York State,” NYSCUL President/CEO William J. Mellin commented. “The new law enhances and modernizes the state charter, making it a viable option for a newly chartered credit union or for a federal charter to convert. New York's consumers and businesses can also benefit from the new powers as state-chartered credit unions are able to find new and better opportunities to expand the selection of products and services they provide.”
Mellin thanked bill sponsors Senator Hugh Farley (R-Capital/Adirondack), Assemblyman Darryl Towns (D-Metropolitan), and Governor Spitzer for recognizing the importance of this change.
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