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

This bill 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 specifies that these institutions must meet certain criteria to be eligible, including having a current Community Reinvestment Act rating of satisfactory or better. The bill also mandates that the Department of Financial Services conduct a study and issue a report on the impact of allowing these financial institutions to accept local government public deposits.

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

This bill 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 specifies that these institutions must meet certain criteria to be eligible, including having a current Community Reinvestment Act rating of satisfactory or better. The bill also mandates that the Department of Financial Services conduct a study and issue a report on the impact of allowing these financial institutions to accept local government public deposits.