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Credit Union Municipal Deposits Bill On Move: Urge Your Legislators To VOTE NO On A.3262 / S.6079

Credit Union Municipal Deposits Bill On Move: Urge Your Legislators To VOTE NO On A.3262 / S.6079

As President John Witkowski detailed in his President’s Message on May 29, legislation that would allow credit unions to enter the municipal deposits business is very much under consideration in Albany. IBANYS is working herd to inform members of the New York State Senate, Assembly and the Chairs of the Senate and Assembly Banks Committee of why this legislation would seriously impact community banks and the municipalities and customers they serve.

The bill (A.3262, Zebrowski/S.6079, Sanders) – would amend the general municipal law and the banking law, in relation to allowing credit unions, savings banks, savings and loan associations and federal savings associations to accept and secure deposits from municipal corporations.  Today, the State Senate Banks Committee met  and held the bill. Chairman Sanders indicated he is supportive of the legislation and the Committee will continue to work on it. The Assembly has not yet decided on a course of action.

The bill (A.3262, Zebrowski/S.6079, Sanders) – would amend the general municipal law and the banking law, in relation to allowing credit unions, savings banks, savings and loan associations and federal savings associations to accept and secure deposits from municipal corporations.  Today, the State Senate Banks Committee met  and held the bill. Chairman Sanders indicated he is supportive of the legislation and the Committee will continue to work on it. The Assembly has not yet decided on a course of action.

IBANYS testified on this issue last week on behalf of New York’s community banks at a Joint Hearing of the New York State Assembly Committees on Banks and Local Governments. IBANYS was represented by Chairman Tom Amell, President & CEO, Pioneer Bank; Industry consultant Lawrence Heilbronner-Kolthoff (who spent 21 years as CFO of Canandaigua National Bank and Trust Company, and serves as a Director); Kevin Klotzbach, EVP & Senior Financial Advisor of Five Star Bank, who also served as CFO and Treasurer, and IBANYS President & CEO John Witkowski.

Please write to your local State Senators & Members of Assembly – and, to the members of the State Assembly and State Senate Committees on Banks and Local Government. 

  • Share your own bank’s perspective;
  • Urge them to vote no on this legislation; and
  • Explain the impact of allowing credit unions into the municipal deposits business would have on your bank and your community. 

You can access individual legislators and committee members at:

NYS Assembly                   NYS Senate

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