NY State Charters Near Parity

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.

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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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