Early yesterday morning, lawmakers in Albany came to an agreement on the 2019-2020 state budget. As explained by New York Credit Union Association President/CEO William J. Mellin in an email to credit unions earlier today, the Association has studiously monitored the entire budget negotiation process, and it appears that the final batch of bills do not address any issues that would directly impact New York’s credit unions.
The Association is still in the process of reviewing the language of the budget, which consists of multiple bills. There are frequently one or two small items in the budget that can impact credit union operations, the New York’s State of Mind blog noted today.
Notably, legislation dealing with marijuana legalization was not included in the budget. The Association has no position on marijuana legalization. However, the Association believes credit unions and other financial institutions should be able to access and serve the cannabis industry where it is legal.
While the Association was hopeful the state budget would address plummeting medallion values, a solution was not included in the budget. However, the Association will continue to monitor any developments, including the forthcoming details of the state’s congestion pricing plan.
The Association will continue studying the legislation. If there are additional developments pertaining to credit unions, they will be reported in the New York Minute.