NEW YORK–State-chartered credit unions in New York will now be allowed to continue to serve students who are no longer enrolled in a school where a student branch is located.
In a ruling by the New York Department of Financial Services, Superintendent Maria T. Vullo said the update to the New York State Banking Law also now permits student branches to allow faculty and staff of the school where the branch is located to become members of the student branch of the credit union, as well. The Department said the rule brings state law into parity with federal law.
“Student branches of credit unions provide important services and information such as financial literacy and personal financial management and training that benefit students well into their futures,” said Vullo. “By authorizing these branches to continue to serve members after they are no longer enrolled in school and to have faculty and staff as members, DFS is encouraging them to continue to have a positive impact on their members’ financial well-being.”
New York currently has 16 state-chartered credit unions.