November 1, 2016
Contact: Richard Loconte, 212-709-1691
STATEMENT BY DFS SUPERINTENDENT MARIA T. VULLO REGARDING NATIONAL CREDIT UNION ADMINISTRATION FINAL RULE CONCERNING MEMBERSHIP OF FEDERAL CREDIT UNIONS
Recognizing the financial services leadership by New York and other states, the National Credit Union Association recently announced a final rule to expand membership of federal credit unions. The New York Department of Financial Services (DFS) charters credit unions in the State of New York under existing broad membership rules. In 2015, in appreciation of the significant role that New York State chartered credit unions play in providing financial services to their members and communities, Governor Andrew Cuomo signed legislation that allows credit unions to expand their field of membership by combining employer, trade association, and community groups into a single field of membership. The law, which amended Section 451-a of the New York Banking law, provides New York credit unions with the opportunity to significantly expand their membership and serve the broader public.
New York law also provides that, in considering applications, the Superintendent of DFS shall consider a credit union’s record and history of serving underserved areas, as well as low and moderate-income individuals within the communities it currently serves, and its commitment to serving those communities in the future.
DFS fully supports consumer access to financial services and urges credit unions to provide valuable services to communities across New York. DFS encourages all credit unions to take advantage of New York law to provide financial services to all New Yorkers and pledges to timely review all applications by new or existing credit unions seeking to be chartered by New York State.