Survey: Here are the legislative issues that matter to credit unions

With the next legislative session fast approaching, the New York Credit Union Association recently conducted a survey to ensure its 2022 legislative priorities reflect issues most important to members. The anonymous responses came from credit unions of all sizes and areas of the state.

Below are the results that the Association will take into consideration when developing its 2022 legislative priorities:

  • Advocating for legislation to increase access to financial education for primary and secondary school-aged students ranked the highest scoring 93 out of 100.
  • Tied for second place were the issues of merchant liability for data breaches and increasing data privacy standards that would exceed existing federal standards.
  • Another significant concern for respondents was opposing any additional foreclosure or forbearance mandates.
  • Many respondents expressed concerns about increased deposit levels resulting from the pandemic. As such, the issue of municipal deposits moved down slightly on the priority list.
  • And finally, credit unions felt the least pressed to get additional guidance and protection for cannabis banking.

Additionally, respondents had a write-in option where they expressed concerns about the potential IRS reporting mandate, regulatory burdens and more. In the coming weeks, the Association will use this information to develop a well-informed strategy for the coming year.

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