LATHAM, N.Y. – New York State Credit Union League General Counsel Mike Lanotte would have preferred fees levied on state financial institutions for the state's 2006-07 budget year remain unchanged. But considering they were originally proposed by Gov. George Pataki to be much higher, Lanotte says the increase could have been much worse.
The New York State legislature recently completed its 2006-07 budget negotiations, and the resulting package means financial institutions, including credit unions, will be confronted with new fees as part of the $113 billion spending plan.
Among the new fees CUs are facing is a charge of $12,500 on credit unions seeking to either merge or incorporate under the state charter. A merger involving more than two CUs will now cost $25,000.
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