Establishes a municipal deposit program for savings banks, savings and loan associations, and credit unions in New York.
The bill amends the general municipal law and the banking law to establish a municipal deposit program. It allows local governments to designate banks, savings banks, savings and loan associations, credit unions, or trust companies for the deposit of public funds. These institutions can arrange for the redeposit of funds in other banking institutions, provided the funds are insured by the federal deposit insurance corporation or the National Credit Union share insurance fund.
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