The New York State legislative session, scheduled to end on June 2, finally concluded early Saturday morning after an overnight voting marathon. The New York Credit Union Association plans to provide a full end-of-session breakdown in the weeks to come. Here are the highlights of key state legislative issues from the 2022 session:
- Municipal deposits, strongly advocated for by the Association, passed in the Senate but stalled in the Assembly after losing its sponsor mid-session. This marks the first time in decades that municipal deposit legislation has passed in either chamber.
- The Association-opposed state-level antitrust law passed in the Senate but did not move in the Assembly.
- The NY Privacy Act, similar to CCPA in California and strongly opposed by the Association, did not pass.
- The Foreclosure Abuse Prevention Act, opposed by the Association, did pass in both Chambers and can be signed, amended, or vetoed by the Governor.
- Legislation requiring financial institutions to provide biannual notice of overdraft fees charged to consumers passed in both chambers and can be sent to the Governor.
- Legislation that would create a private right of action for treble damages for mortgage loan servicers did not move in the Assembly.
- The Banking Development District bill, extending the timeframe for the program and supported by the Association, passed in both Chambers.
- The act to delay the effective date of a 2021 mandate to extend grace periods for credit card rewards redemptions on closed accounts passed in both chambers. It was supported by the Association.
- Legislation that would create a public bank option did not move.
- S9427A, which would require employers to disclose compensation or range of compensation to applicants and employees, passed both chambers and is awaiting the Governor’s signature.
Further information about the bills, including the Association’s legislative priorities, memos in support or opposition and calls to action can be viewed on the Association’s website.