NY CUs Win Ability To Participate In Excelsior

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A bill (A.9808-A) that would allow New York state and federal credit unions to participate in the Excelsior Linked Deposit Program passed the Assembly by a vote of 136 to 0. An identical bill (S.4945-B) is now with the Senate Finance Committee for consideration. The Excelsior Linked Deposit Program specifically addresses the need to make more capital available and affordable to small businesses by leveraging state resources. Credit unions are currently excluded from participation in the program.

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