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News Now

CU System
N.Y. governor signs CU-friendly wild card bill
ALBANY, N.Y. (7/20/09)--New York Gov. David A. Paterson signed a “wild card” extender bill July 11 that expands the authority of New York’s state-chartered credit unions to exercise the powers of their federal counterparts without first amending the law. Wild card legislation was a priority issue on the Credit Union Association of New York’s agenda, the association said. The powers effected are authorized in a resolution adopted by the New York State Banking Board. The legislation passed the New York State Assembly June 4 and the Senate June 30 in an extraordinary session. The bill was sponsored by the Senate Banks Committee Chair Brian Foley (D-Long Island) and Assembly Banks Committee Chair Darryl Towns (D-Metropolitan). It extends for two years the sunset provisions now applicable to the “wild card” banking law. The current law was set to expire Sept. 9. The “wild card” law was originally enacted in 1997 to provide competitive and regulatory parity between New York state-chartered banks and their federal counterparts. “The association extends its gratitude to Foley and Towns for their sponsorship of the legislation in their respective houses, and of course to Gov. Paterson for recognizing the importance of this legislation and signing it into law,” said William J. Mellin, president/CEO of the association.


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