Removing Barriers Blog

Public Deposits Advanced by New York Credit Union Association
Posted February 01, 2016 by CUNA Advocacy

The New York Credit Union Association is advancing bills that would permit credit unions to accept public deposits. Companion bills, A 7017 and S 4785, would permit municipalities to deposit funds into credit unions similarly to the way they are allowed to deposit funds in banks. The league is also supporting legislation that caps the deposits per credit union to $1M (A 3275 and S 1510) and legislation to allow the State Comptroller to create a fund where the state can deposit up to $250 million of state funds into credit unions (A 774 and S 3616).