Gov. Cuomo signs prize-linked savings legislation into law

ALBANY, NY (09/25/2014)(readMedia)-- For Immediate Release

Sept. 25, 2014

Contact: Ron McLean, Association SVP

(800) 342-9835, ext. 8191; cell: (518) 469-5945

ronald.mclean@cuany.org

Gov. Cuomo signs prize-linked savings legislation into law

(ALBANY, N.Y.) – A pro-credit union bill that will allow New York credit unions and other financial institutions to establish prize-linked savings accounts was signed into law on Tuesday by Gov. Andrew Cuomo. With the new law in place, credit unions in New York will be able to offer raffle-style programs that encourage sound, consistent saving habits among members.

The Assembly version of the legislation was introduced by Assemblywoman Annette Robinson (D-Brooklyn), and the Senate version was introduced by Sen. Andrew Lanza (R-Staten Island). The bill passed the Legislature May 28-just weeks after hundreds of credit union advocates gathered at the state Capitol to discuss the legislation with lawmakers during the Credit Union Association of New York's (CUANY) State Governmental Affairs Conference.

Similar legislation passed both houses of the Legislature last year with strong bipartisan support before being vetoed by Cuomo, who requested language revisions. CUANY worked closely with the governor's office, state regulators and top lawmakers to ensure the law's passage this year.

"This important law will encourage New York consumers to save money more often and more regularly," said CUANY President and CEO William J. Mellin. "Ultimately, prize-linked savings accounts will benefit the working- and middle-class families who continually struggle to put money away for the future. It is encouraging to see the Governor and Legislature working together to pass meaningful laws that will provide financial relief to those who need it the most."

The law takes effect Sept. 23, 2015.

The Credit Union Association of New York has served as the trade association for the state's credit unions for 96 years. New York credit unions have assets of more than $66 billion and over 5 million memberships. To learn more about CUANY, visit www.cuany.org. To find a credit union or learn more about the credit union movement, visit www.asmarterchoice.org.