Association comments on DFS student loan servicing proposal

NYDFS-Logo-300x300The state Department of Financial Services’ new proposal on student loan servicers takes a one-size-fits-all approach to regulating the student loan industry, said New York Credit Union Association SVP/General Counsel Henry Meier in a recent comment letter to the department.

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House passes SAFE Banking Act with unanimous support from NY lawmakers

Capitol building in Washington

Just one day after New York credit union professionals were on Capitol Hill advocating for its passage, the U.S. House passed the Secure and Fair Enforcement Banking Act, commonly referred to as the SAFE Banking Act. The legislation was passed yesterday in bipartisan fashion, with every House member from New York voting in the affirmative.

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Gov. Cuomo signs ‘wild card’ extension into law

New York State Capitol Building, Albany

Gov. Andrew Cuomo signed into law Friday a five-year extension of the state’s 2007 wild card law. Wild card powers provide state-chartered credit unions, banks and thrifts with the opportunity to exercise the same banking powers that are available to federally chartered institutions – a vital mechanism for ensuring the state-charter remains competitive with the federal charter.

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