Gov. Andrew Cuomo last night signed into law legislation that will allow credit unions to participate in the state Banking Development District Program. The legislation, S.727-A/A.3320 passed both houses of the Legislature earlier this year with bipartisan support, and the New York Credit Union Association strongly supported its passage.
A provision in the National Defense Authorization Act strongly opposed by the New York Credit Union Association was not included in the conference report, which is the final version of the bill after the House and Senate negotiated on the language of the legislation. The omission represents a significant victory for the credit union movement.
The New York Credit Union Association is encouraging all New York credit union advocates to continue urging the governor to sign legislation that would allow credit unions to participate in the Banking Development District Program. With the year winding down, the timeline for Gov. Andrew Cuomo to act on the legislation is getting slimmer and slimmer.
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.