State-chartered credit unions in New York have expressed enthusiasm for a new law which streamlines the procedures the state's Banking Department must take when changing CU regulations to give them parity with banking regulations.

The measure, which had been sponsored by both Democratic and Republican legislators, requires that the banking department make a final determination on a regulatory parity request within six months; notify an applicant whether the application was approved or denied with 10 days of making a decision; post a parity request for public comment within 120 days, and explain in writing why a parity request has been denied.

“Amendments to the wild card law were essential to preserving a healthy dual-chartering system in New York State,” said William J. Mellin, president/CEO of the Credit Union Association of New York. “It enhances the state charter, thereby making it an attractive option for federal charters looking to convert and for any newly chartered credit unions.”