New York CUs Get Parity

Register now

ALBANY, N.Y. - (11/02/04) -- Gov. George Pataki last week signedinto law a bill giving the New York's 34 state chartered creditunions parity on membership rules with the 530 federal creditunions in the state. The legislation increases the number ofpersons from an employer group that may be added to a creditunion's field of membership from 500 to 3,000; amends thedefinition of immediate family member to include siblings,stepparents, stepchildren and step-siblings, and permits creditunions to make business loans to organizations that are members ofthe credit union, subject to the same dollar amount limitationsthat apply to natural person members receiving loans.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER