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Three league-backed bills await N.Y. gov. signature
ALBANY (7/10/14)--With the support of the Credit Union Association of New York's state-level advocacy efforts, three important pieces of pro-credit union legislation recently passed through both houses of the New York Legislature.
The three bills are now waiting to be sent to Gov. Andrew Cuomo to be signed into law (The Point July 8).
The bills include:
  • S.6805B/A.9037A, which would allow credit unions and other financial institutions to establish prize-linked savings accounts, passed the Legislature May 28--just weeks after hundreds of credit union advocates gathered at the state Capitol to lobby lawmakers during the league's state governmental affairs conference. The Assembly version of the legislation was introduced by Rep. Annette Robinson (D-Metropolitan). The Senate version was introduced by Sen. Andrew Lanza (R-Metropolitan).
  • S.6735/A.9057, which would extend the state's 2007 "wild card" law for an additional five years, passed the Legislature June 10. The legislation would extend a law that provides state-chartered credit unions, banks and thrifts with the opportunity to exercise the same banking powers that are available to federally chartered institutions. The Assembly bill was introduced by Robinson, and the Senate version was introduced by Sen. Joseph Griffo (R-Utica-Rome).
  • S.7112/A.9408, which would allow state-chartered credit unions to apply for the ability to combine select employer, associational and community groups into a single field of membership, was passed on June 19--the last day of the legislative session--after weeks of advocacy efforts from the league. The Assembly bill was introduced by Robinson. The Senate bill was introduced by Griffo.
"The [league] remains committed to ensuring that New York's credit unions are represented fairly during the legislative process, and we will continue to work closely with lawmakers and agencies at both the state and federal levels," said Mike Lanotte, league senior vice president/general counsel. "I would again like to thank all of the lawmakers--especially our bill sponsors--who put aside partisan differences to pass legislation that will benefit the state's credit unions and their members."
The league successfully lobbied against other pieces of legislation that would have been harmful to credit unions, including:
  • S.3868B/A.7056, which would have prohibited the use of consumer credit reports in hiring and employment decisions;
  • A.7223, which would have imposed additional disclosure requirements of electronic fund transfers;
  • S.6906A/A.9189, which would have authorized municipalities to treat unpaid building code, property maintenance and nuisance violations as unpaid real property taxes;
  • S.6551A, which would have required credit card issuers to issue cards with smart chip technology without imposing any requirements on merchants; and
  • S.7350A/A.9341A, which would have required mortgage lenders and servicers to maintain properties on delinquent mortgages.


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