NY CUs Part of Special Districts

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A bill that would permit New York's credit unions to participate in banking development districts unanimously passed the state Assembly. The Banking Development District Program provides property tax breaks to institutions that establish branches in underserved areas and allows municipalities to invest funds in these institutions at special rates. The New York league is now lobbying the state Senate to pass the bill. "Allowing New York's 600 credit unions, serving 3.9-million members, into the program would spur the creation of credit union development districts that would be a low- or no-cost alternative to communities in desperate need of basic banking services," said NYCUL CEO William J. Mellin.

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