GRASSROOTS ACTION ALERT: CREDIT UNIONS AND PUBLIC DEPOSITS
The State Senate and Assembly Banks Committee Chairs have changed legislation that would have granted credit unions blanket authority to accept public deposits, to a proposed pilot program, with some deposit limitations and with nominal community reinvestment fees, while granting blanket authority to thrifts. While this new bill is an improvement over the previous bill, which gave thrifts and credit unions equal authority, it continues to violate NYBA’s policy against granting such authority to non-taxpaying credit unions. Therefore, NYBA, after consultation with our Board and Policy Committee, continues to oppose this bill. We urge you to send this letter to State Legislative leaders immediately. Thank you for your continued vigilance on this issue.
The New York Times
The Wall Street Journal