News Release
Contact: Public Relations Coordinator
(800) 342-9835, ext. 8130NY CUs Go Wild as ‘Wild Card’ Becomes Law
(July 23 - Latham, NY) – Among the many bills being signed by the Governor following the close of session, one gives state-chartered credit unions parity with their federal counterparts.
The New York State Credit Union League has just learned that Governor Spitzer (D) signed what was commonly known as the "wild card" bill into law as chapter 322 of the laws of 2007 on Wed. July 18, 2007.
"Wild card" authorizes state-chartered credit unions to request additional powers from the New York State Banking Department without going through a sometimes lengthy legislative process. The law was originally enacted in March 1997 to provide competitive and regulatory parity between New York state-chartered banks and their federal counterparts.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. It has been a legislative priority for the League for many years.
"Revisions to the ‘Wild Card’ law was more than necessary to preserve a healthy dual-chartering system in New York State," said William J. Mellin, president/CEO, New York State Credit Union League. "The new law enhances and modernizes the state charter, making it a viable option for a newly chartered credit union or for a federal charter to convert. New York’s consumers and businesses can also benefit from the new powers as state-chartered credit unions are able to find new and better opportunities to expand the selection of products and services they provide."
Mellin expressed gratitude to bill sponsors Senator Hugh Farley (R-Capital/Adirondack) and Assemblyman Darryl Towns (D-Metropolitan), and of course Governor Eliot Spitzer, for recognizing the importance of this legislation and enacting the legislation to law.
"Passage of this legislation is a testament to the painstaking time and effort that goes into introducing and supporting a piece of legislation until it reaches a successful conclusion," added Amy Kramer, the League’s vice president of Governmental Affairs. Kramer thanks all the credit unions that kept this bill alive by asking for its support whenever contacting their local representatives.
"This legislation was a ‘must have’ for state charters and will immediately provide competitive opportunities," said Mark Pfisterer, CEO, AmeriCU Credit Union. "The League’s Governmental Affairs staff should be commended for keeping this bill in the legislative forefront. The lesson – it may have taken several years. But consistent advocacy produces results."
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
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