The New York Credit Union Association’s board of directors has approved the Association’s 2019 state legislative priorities. In 2019, the Association will continue to advance a pro-credit union and pro-consumer agenda.
During this year’s legislative session, the Association will advocate for legislation dealing with data security, mortgage foreclosure reform, state and local government deposits, and improvements to the state charter.
Data security: Data breaches expose credit union members to fraud and identity theft and result in significant monetary costs and reputational damage to credit unions. The Association advocates for legislation that would require all entities that handle consumer information to comply with comprehensive data security standards and hold retailers accountable for the costs of data breaches if they fail to meet state cybersecurity standards.
Mortgage foreclosure reform: New York’s lengthy and complex foreclosure process causes homes to languish and deteriorate, negatively impacting communities and neighborhoods. Without sacrificing consumer protections, the Association will pursue simple, common-sense reforms that will ease the tremendous burdens credit unions and communities face when attempting to foreclose on a property.
State and local government deposits: A majority of states have enacted legislation authorizing credit unions to accept public deposits, but New York has not. Authorizing governments to deposit funds in credit unions will ensure taxpayer money is getting its best return.
State charter improvements: An improved state credit union charter will create increased competition with the federal charter. By improving the state credit union charter, New York has the opportunity to expand credit union access and allow more New Yorkers to reap the benefits of credit union membership.
“With gridlock gripping Washington, New York has the opportunity to lead the way on important legislation that will benefit both New York’s credit unions and consumers,” said Association President/CEO William J. Mellin. “The Association looks forward to working with the new majority to advance this pro-credit union and pro-consumer agenda.”
For more information, view the Association’s 2019 State Legislative Priorities document.