News Release
Contact: Public Relations Coordinator
(800) 342-9835, ext. 8130SCU Wild Card Legislation One Step from Becoming Law
(June 25 - Latham, NY) – While the 2007 legislative session ended without much ado for most, credit unions’ dual chartering system received a monumental boost from legislation that would provide parity for state-chartered credit unions with that of their federal counterparts that was passed by both houses during the final days.
The "wild card" law (S.4392-B/A.9260), as it’s commonly known, would authorize state-chartered credit unions to exercise direct "wild card" powers without first obtaining statutory amendments. The law was originally enacted in March 1997 to provide competitive and regulatory parity between New York state-chartered banks and their federal counterparts. However, this law did not extend these essential provisions to credit unions.
Inclusion in "wild card" legislation is a major step toward promoting and preserving New York’s charter for credit unions. At present, there are 24 state-chartered credit unions and 479 federal charters. The bill was sponsored by Senator Hugh Farley (R-Capital/Adirondack) and Assemblyman Darryl Towns (D-Metropolitan).
"Wild Card has been a legislative priority for the League for many years," said William J. Mellin, president/CEO, New York State Credit Union League. "The success of this legislation further validates grassroots advocacy efforts by our New York credit unionists on lobby days and throughout the year. It was work done to guarantee that the state charter is not only preserved, but a viable option for federally-chartered credit unions, as well."
The bill now goes to the governor’s office for his approval. All indications point to the bill being signed into law.
Other League supported pro-consumer bills relating to identity theft (S.5541-A & S. 4565/ A.61-A & A.217-B), universal default (S.2969-B/A.335) and predatory home loans (S.5618-A/A.4408-A) also passed both houses and are expected to be signed by the governor.
The New York State Credit Union League (NYSCUL) has served as the trade association for the state’s credit unions for 90 years. It is the fifth largest league in the country. New York credit unions have assets of more than $37 billion and more than 4.1 million members. To learn more about the League, visit www.nyscul.org.
New York State Credit Union
League, Inc. & Affiliates
P.O. Box 15118, Albany, New York 12212-5118 | 19 British American Boulevard, Latham, New
York 12110
800-342-9835 | Fax 518-437-8284