Establishes the savings bank, savings and loan association or credit union municipal deposit program.
Summary
Bill S06050 aims to amend the general municipal law and the banking law in New York to establish a municipal deposit program for savings banks, savings and loan associations, and credit unions. The bill specifically limits the deposits of public funds in these institutions to a maximum of $250,000. It also defines what constitutes public deposits and outlines the responsibilities of local government governing boards in designating banks and financial institutions for these deposits. Additionally, it introduces provisions for the use of courier services for depositing public funds and requires security measures for such deposits.
Impact
The bill will significantly impact how local governments in New York manage and deposit public funds by formalizing the use of savings banks, savings and loan associations, and credit unions as acceptable depositaries. It will also enforce a cap on the amount of public funds that can be deposited in these institutions, thereby promoting financial security and risk management. The amendments to the general municipal law and banking law will necessitate updates to local government policies and practices regarding fund management.
Sentiment
The general sentiment around Bill S06050 appears to be neutral, as there have been no recorded votes or significant committee discussions available to gauge public or legislative opinion. The bill's provisions seem to address existing needs for secure management of public funds, which may garner support from local government officials.
Contention
Currently, there are no notable points of contention reported regarding Bill S06050. The bill seems to be straightforward in its intent to enhance the security and management of public funds without introducing controversial elements. However, potential concerns could arise regarding the implications of limiting deposits to $250,000, which may affect larger municipalities or those with significant public funds.
Allows credit unions, savings banks, savings and loan associations and federal savings associations to accept and secure deposits from municipal corporations.
Allows credit unions, savings banks, savings and loan associations and federal savings associations to accept and secure deposits from municipal corporations.
Allows credit unions, savings banks, savings and loan associations and federal savings associations to accept and secure deposits from municipal corporations.
Allows credit unions, savings banks, savings and loan associations and federal savings associations to accept and secure deposits from municipal corporations.
Establishes the New York state energy savings program authorizing the establishment of energy savings accounts; establishes a personal income tax deduction for deposits into such accounts.
Establishing the Kansas employee emergency savings account (KEESA) program to allow eligible employers to establish employee savings accounts, providing an income and privilege tax credit for certain eligible employer deposits to such employee savings accounts and providing a subtraction modification for certain employee deposits to such savings accounts.