<p>ALBANY, N.Y. – The New York State Assembly on April 17 unanimously passed a bill by a vote of 146-0 giving credit unions permission to participate in the Banking Development District program which was created in 1997 to provide tax breaks to banks and thrifts that establish branches in underserved areas. Credit unions are currently excluded from participating in the program. The New York State Credit Union League said credit unions' participation in the program would give municipalities the option to invest in not-for-profit financial institutions that generally return higher rates on deposits. Municipal deposits, in turn could be used to provide lending capital to potential borrowers in the community. Assembly bill A.966-A was sponsored by Assemblyman Ivan Lafayette (D-Queens). NYCUL has requested that the Senate version of the bill, S.4632, sponsored by Sen. Hugh Farley (R-Schenectady), which is currently in the Senate Banking Committee, be reported.</p>
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