Gov. Andrew Cuomo outlined his wish list for the state budget during yesterday’s State of the State address. During his speech in Albany, which touched on a wide range of issues, Cuomo did not say much about financial services or issues directly related to credit unions.
He did, however, note proposals to legalize marijuana, which has relevance to credit unions and financial institutions. While the New York Credit Union Association has no position on the legalization or decriminalization of marijuana, the Association does believe credit unions and other institutions should be allowed to serve the industry without fear of prosecution in states where marijuana is legal.
As previously reported, the state Department of Financial Services has issued guidance for state-chartered financial institutions that wish to serve the legal marijuana and hemp industries in New York. The Association worked closely with Cuomo’s administration and the DFS to ensure credit union questions and concerns were addressed in the guidance.
Ultimately, the Association believes a legislative solution is needed at the federal level to ensure credit unions reasonably and legally serve the legal cannabis industry.
Cuomo also discussed the need to address the curtailment of the federal deduction on homeowners’ state and local taxes, also known as SALT.
Association staff were at the state Capitol yesterday, where the group monitored the governor’s speech.