The 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.
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.
The New York credit union movement was well-represented on Capitol Hill this week. More than 20 New York credit union advocates were in Washington, D.C., on Monday and Tuesday to meet with leading federal policymakers and lobby on behalf of the state’s credit unions.
Individuals can easily support pro-credit union candidates running for state-level office this election cycle with the New York Credit Union Association’s online donation site.
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.