Establishes a credit union deposit program for the state to deposit a portion of funds under its control into credit unions.
New York A04811 establishes a credit union deposit program to allow the state comptroller and the commissioner of taxation and finance to deposit funds into credit unions. Eligible credit unions must be chartered under the banking law and have a satisfactory examination rating. The program aims to stimulate local economies by placing deposits in credit unions. The maximum deposit per eligible credit union is $250 million.
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