ALBANY, N.Y. – State chartered credit unions will attain long-sought parity on regulatory allowances under a wild card bill approved by the legislature. The wild card provision will authorize state chartered credit unions to exercise the same powers as federal credit unions without being authorized to do so by the legislature. The dwindling number of state charters, there are only 24 out of more than 500 credit unions, have sought parity with their federal counterparts since a 1997 state law provided it for banks and thrifts. More than half the states have some kind of parity provision. Gov. Spitzer is expected to sign the bill into law.
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