Bill Gives New York CUs Access To Insurance Funds
ALBANY, N.Y. – New York Gov. Patterson is expected to sign into law a bill passed by the state legislature that will allow the state's insurance companies to deposit their funds into federally insured credit unions.
The legislation comes after the state insurance department issued a legal opinion stating that insurance companies may only deposit funds in banks’ CDs, and not in credit union share certificates.
The bill could mean millions of dollars in new deposits for the state's credit unions.