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Municipal Deposits, Other CU Bills Introduced In NY
ALBANY, N.Y. (2/21/13)--Bills that address municipal deposits, robbery penalties and inclusion in New York's Banking Development District (BDD) Program have been introduced in the state legislature, as the Credit Union Association of New York continues to advance credit unions' state legislative agenda for 2013.

Companion bills that would allow New York municipalities to make deposits into credit unions and savings banks up to the deposit insurance limit per deposit (currently $250,000) were introduced in the state Senate and Assembly, said CUANY.

Senate Bill S.3161 was introduced by Sen. Jack Martins (R-Long Island) and was referred to the Senate Local Government Committee. Assembly Bill A.4520 was introduced by Assemblyman Harvey Weisenberg (D-Long Island) and was reported to the Assembly Banks Committee. Both legislators introduced similar bills in 2012.

An additional municipal deposits bill, A. 1112, was introduced by Assemblyman Carl Heastie (D-Metropolitan) last month and was referred to the Assembly Banks Committee, said CUANY.

Legislation to increase the penalty for robbery of property from a financial institution was introduced  in the Senate by Sen. Joseph Griffo (R-Utica-Rome) and referred to the Senate Banks Committee.  S.3559 would make the crime a class C felony.  The bill is a companion to A. 2485, introduced last month by Assemblyman Charles Lavine (D-Long Island).

Additional robbery legislation (S.3039) provides that the threat of using a firearm or explosive device during a robbery would constitute robbery in the second degree. It  was introduced by Sen. John Bonacic (R-Catskill-Hudson/Southern Tier) and referred to the Senate Codes Committee.

In the Senate, S.3569, which authorizes credit unions to participate in the Banking Development District Program, was introduced by Sen. Malcolm Smith (D-Metropolitan) and referred to the Senate Banks Committee. A similar bill, A.4555, was introduced by Assemblyman Dennis Gabryszak (D-Buffalo) and referred to the Assembly Banks Committee.

Also, companion bills that would enable low-income credit unions in cities with one million or more in population to participate in the BDD program were introduced in both the Senate and the Assembly, said CUANY.

According to the New York City Comptroller's office, the BDD program establishes bank branches in geographic locations where there is a demonstrated need for banking services and authorizes municipalities to deposit funds at below-market rates into bank branches located in the BDD.


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