ALBANY, N.Y. (8/23/11)--New York Gov. Andrew Cuomo has signed legislation amending the "wild card" law created to give state-chartered credit unions parity with their federal counterparts, said the Credit Union Association of New York (CUANY) Monday. The wild card law was originally extended to credit unions in 2007. It permitted state-chartered credit unions to petition the state's Banking Department to exercise specific powers authorized for federal charters. However, the process was plagued by inconsistency and inaction on the part of the Banking Department, said CUANY. The new law, sponsored by Assemblyman Rory Lancman (D-Metropolitan) and Sen. Joseph Griffo (R-Utica/Rome), streamlines the wild card approval process. Now, the Banking Department must:
* Make a final determination on a wild card request within six months; * Provide notice to the applicant on approval or denial within 10 days of the decision; * Post a wild card request to the weekly bulletin for public comment within 120 days of receipt; and * Explain in writing why an application has been denied.
If such an explanation is not provided, the department's determination will be subject to judicial review. If the superintendent does not act within the set timeframe, the applicant can demand a determination within 30 days. "Amendments to the wild card law were essential to preserving a healthy dual-chartering system in New York state," said CUANY President/CEO William J. Mellin. "It enhances the state charter, thereby making it an attractive option for federal charters looking to convert and for any newly chartered credit unions. We want to thank Senator Griffo and Assemblyman Lancman for recognizing the importance of this bill and for guiding it through their respective houses."