Relates to credit unions

This bill creates a program requiring New York's state comptroller and tax commissioner to consider depositing state funds into eligible credit unions. It establishes eligibility criteria: credit unions must be chartered locally with a "satisfactory" exam rating, and federal credit unions must meet additional standards like small business lending records. The state may deposit up to $250 million per credit union, with deposits made at negotiated rates and secured by federal home loan bank letters of credit. The program directly affects state agencies managing public funds and qualifying credit unions, directing them to prioritize local credit unions for state deposits over traditional banks. This policy change modifies how state funds are invested, aiming to boost community financial institutions.