After years of hard lobbying and advocacy efforts, Gov. Kathy Hochul recently signed into law legislation that authorizes credit unions to participate in the Excelsior Linked Deposit Program. The move marks a major legislative victory and opens the door for public deposits in New York’s credit unions.
Find out what this new law means for your credit unions, and hear other pertinent legislative updates during the Association’s “First Look” webinar!
The Excelsior Linked Deposit Program was created in 1993 to assist small- and mid-size businesses in New York with expansions, modernizations, development and other investment projects. Through the program, eligible businesses can obtain commercial loans from authorized financial institutions at significantly reduced interest rates. Lenders are compensated with a deposit of state funds at comparably reduced rates.
Henry Meier, SVP/General Counsel
New York Credit Union Association
Educational Investment: Benefit of Membership