ALBANY, N.Y. The state legislature last week passed a bill that will allow New York’s 20 state chartered credit unions to combine multiple group charters with community fields of membership in a hybrid charter.
The bill also expands community investment options for state charters by allowing them to increase investments in their communities and programs aimed at community reinvestment including projects of state corporations that work with housing projects, slum clearance corporations, small business investment corporations and urban development corporations.
The bill will be sent to Gov. Andrew Cuomo who is expected to sign it into law.
The state legislature also passed a bill allowing credit unions to create a prized-linked savings contest, similar to the ones being introduced in Michigan, North Carolina, Washington and Nebraska.
