Allows credit unions, savings banks, savings and loan associations and federal savings associations to accept and secure deposits from municipal.

New York A04818 amends the general municipal law and the banking law to allow credit unions, savings banks, savings and loan associations and federal savings associations to accept and secure deposits from municipal corporations. It also directs the department of financial services to conduct a study and issue a report concerning the impact of allowing certain financial institutions to accept local government public deposits. The bill includes provisions for the maximum amount of funds that can be deposited and the criteria for eligibility to receive deposits.

Allows credit unions, savings banks, savings and loan associations and federal savings associations to accept and secure deposits from municipal.

New York A04818 amends the general municipal law and the banking law to allow credit unions, savings banks, savings and loan associations and federal savings associations to accept and secure deposits from municipal corporations. It also directs the department of financial services to conduct a study and issue a report concerning the impact of allowing certain financial institutions to accept local government public deposits. The bill includes provisions for the maximum amount of funds that can be deposited and the criteria for eligibility to receive deposits.