Establishes the savings bank, savings and loan association or credit union municipal deposit program; defines terms; provides that a credit union.

New York S03962 establishes the savings bank, savings and loan association or credit union municipal deposit program. It defines terms such as "credit union," "savings bank," and "savings and loan association." The bill provides that a credit union accepting deposits of public money is subject to certain limitations and must pledge assets or furnish other security to the depositor for the repayment of monies held in the name of such depositor, when required by law.

Establishes the savings bank, savings and loan association or credit union municipal deposit program; defines terms; provides that a credit union.

New York S03962 establishes the savings bank, savings and loan association or credit union municipal deposit program. It defines terms such as "credit union," "savings bank," and "savings and loan association." The bill provides that a credit union accepting deposits of public money is subject to certain limitations and must pledge assets or furnish other security to the depositor for the repayment of monies held in the name of such depositor, when required by law.