In 1913, New York was the fourth state in the nation to enact a state credit union act. Throughout the years the state act has been revised to ensure New York credit unions had a viable option between the state and federal charter. One of the most significant revisions occurred in 2014 when the field of membership provision was enhanced to allow state chartered credit unions to combine employer, association and community groups within a single field of membership. This enhancement combined with other advantageous provisions already contained within the state act makes the state charter an attractive option for New York credit unions.
The resources found here were created by the Association to assist credit unions to better understand the state charter and how it compares to the federal charter.
Please contact the Association with any questions or to further discuss the state charter and/or resources contained herein.
Helpful Links and Resources
- Comparing the State and Federal Charter
- pdf NCUA Regulations (321 KB)
- pdf NYS Banking Regulations Summary (249 KB)
- pdf Federal Regulations Applicable to Federal and State Chartered Credit Unions (103 KB)
- pdf State Regulator Legal Opinions and Supervisory Letters (424 KB)
- spreadsheet Cost Comparison - Federal vs State Charter (42 KB)
- pdf Sample By-laws (174 KB)
- document State Charter Conversion Process and Checklist (205 KB)