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Thursday
Jul262012

NYS Reciprocal Public Deposits Bill Signed Into Law

DateThursday, July 26, 2012 at 5:18PM by AuthorBanking Spectrum
This month, Governor Cuomo signed the reciprocal public deposits bill (Chapter 128 of the Laws of 2012), a measure that authorizes local governments to use reciprocal deposit services to increase the FDIC deposit insurance coverage of municipal deposits. This law, effective immediately, increases deposit insurance coverage from the current level of $250,000 per account to the maximum $50 million. Read more in The Gold Book.
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