The New York Credit Union Association continues to advance a pro-credit union and pro-consumer agenda on behalf of all New York credit unions. The Association’s 2021 legislative agenda reflects the priorities of its members and of the changing political and legislative landscape in New York state as it responds to the novel coronavirus pandemic, and beyond.
The Association will also pursue and continue to work with the Legislature on the following initiatives:
The coronavirus outbreak and the economic uncertainty it has spawned makes it more important than ever to give municipalities the option to put their public deposits into New York credit unions. The Association strongly urges passage of legislation to provide relief to municipalities by permitting them to deposit public funds into New York credit unions.
Remote electronic notarization/paperless mortgage transactions
The pandemic has demonstrated why remote notarization is essential, while the technology provides a safe way of conducting a wide variety of essential legal services ranging from closing on a house to notarizing a will. The Association urges passing of legislation to create a permanent system of remote electronic notarization as part of a broader effort to implement a fully digital mortgage lending process.
As millions of New Yorkers continue to be impacted by the pandemic economy, the Association will continue to advocate against excessively burdensome legislation and regulations. Credit unions will continue to work closely with members to find solutions that work for them, but this requires that the cost of compliance not detract from efforts by community institutions to provide relief.
Data security liability
It is essential that laws be passed on both the state and federal level to make merchants and other entities as responsible for protecting personal information as are credit unions and other financial institutions to, while credit unions should have the right to sue merchants for costs related to data breaches resulting from a merchant’s negligence.
While the Association takes no position on whether further legalization of marijuana is a good or bad idea, it strongly believes that it is in the public’s interest to provide banking services to marijuana related businesses, and that, to the extent possible, provide legal protections to credit unions and other financial institutions that provide banking services to legitimate marijuana-related businesses. The Association will also continue to urge passage of the Federal SAFE Act to ensure that credit unions can provide banking services to cannabis businesses in states that have legalized the sale and procession of marijuana.
The Association’s advocacy agenda was put forth by the Association’s Governmental Affairs Committee based on responses to a membership-wide survey conducted earlier this year. The Association’s board of directors approved the agenda during its most recent board meeting.