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Press Release

April 5, 2017

Contact: Richard Loconte, 212-709-1691

DFS EXEMPTS STATE-CHARTERED CREDIT UNIONS FROM OATH OF OFFICE RULE

Oaths of Office No Longer Required by Officers, Directors and Committee Members

Action Puts State-Chartered Credit Unions on Equal Footing with Federal Credit Unions

Financial Services Superintendent Maria T. Vullo today announced that the New York State Department of Financial Services (DFS) will no longer require officers, directors and committee members of New York’s 16 state-chartered credit unions to take an oath of office pursuant to authority granted to the Superintendent under New York Banking Law.  The Law required each director, officer and member of a committee to take an oath of office when first appointed or elected.  This decision gives credit unions chartered by New York State parity with federal credit unions.

“DFS is steadfast in supporting and promoting state-chartered banks and credit unions, and this action puts them on an equal footing with federal credit unions, whose officers, directors and committee members are not required to take oaths of office,” said Superintendent Vullo. “Although the requirement related to taking oaths will no longer apply, officers, directors and committee members of New York State chartered credit unions are reminded that their obligations and duties to consumers under New York Banking Law continue.”

CFCU Community Credit Union, Hudson River Community Credit Union, Municipal Credit Union and Directors Choice Credit Union have applied for and received approval from DFS for relief from the law.  DFS is applying this decision to all state-chartered credit unions.

New York currently has a total of 137 state-chartered commercial banks, savings banks and bank holding companies, 16 state-chartered credit unions, 85 foreign branches, 10 foreign agencies, and 35 representative offices, with assets totaling more than $2.6 trillion.

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