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News Now

CU System
N.Y. league Banks want to limit access to CUs
ALBANY, N.Y. (2/3/10)--Attacks on credit unions by New York state bankers in their testimony before state legislators Monday has drawn a written rebuttal statement from William J. Mellin, president/CEO of the Credit Union Association of New York. New York bankers have been vocal in trying to derail a state bill that would allow credit unions an expanded role in accepting municipal deposits. “At a time of severe economic crisis caused in no small part by banker excesses, it is disappointing that one of the top priorities of the bankers is to limit access to credit unions,” Mellin wrote. “This agenda was evident in recent budget hearing testimony, and it will no doubt continue during the New York Bankers Association’s (NYBA) designated lobby day." The bankers lobby day was Monday. “I encourage lawmakers and the public to ask themselves why, in the midst of economic crisis, banks are using lawmakers’ valuable time to lobby against not-for-profit credit unions instead of looking for ways to work with the legislature in helping New York's working families save money, find affordable credit and create jobs,” he continued. “The NYBA’s platform is based on denying municipalities critical choices for their financial services and maintaining ineffective monopolies--at the expense of local governments and the citizens they serve,” Mellin added. “Doesn’t this approach simply perpetuate the bad behavior that led us to today’s economic problems?” Mellin testified on behalf of the municipal deposits bill before the New York state legislature last week. He concluded that legislators “realize that now is not the time to further monopolies to drive up earnings; instead, it is the time to employ common sense and let local government--not the commercial banks--decide the best depositories for their tax dollars.”


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