New York’s Credit Unions Identify Their 2019 State Legislative Priorities

ALBANY, N.Y.–The New York Credit Union Association said it has its 2019 state legislative priorities. 


William Mellin

The NYCUA said those priorities include:

  • Data security. The NYCUA said it is advocating for legislation that would require all entities that handle consumer information to comply with comprehensive data security standards and hold retailers accountable for the costs of data breaches if they fail to meet state cybersecurity standards.
  • Mortgage foreclosure reform: “New York’s lengthy and complex foreclosure process causes homes to languish and deteriorate, negatively impacting communities and neighborhoods,” the NYCUA said. “Without sacrificing consumer protections, the Association will pursue simple, common-sense reforms that will ease the tremendous burdens credit unions and communities face when attempting to foreclose on a property.”
  • State and local government deposits. A majority of states have enacted legislation authorizing credit unions to accept public deposits, but New York has not, the NYCUA noted, adding that authorizing governments to deposit funds in credit unions will ensure taxpayer money is getting its best return.
  • State charter improvements. The NYCUA said an improved state credit union charter will create increased competition with the federal charter, which would ultimately improve the state credit union charter and expand credit union access to allow more New Yorkers to reap the benefits of credit union membership.

“With gridlock gripping Washington, New York has the opportunity to lead the way on important legislation that will benefit both New York’s credit unions and consumers,” said Association President/CEO William J. Mellin. “The Association looks forward to working with the new majority to advance this pro-credit union and pro-consumer agenda.”






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Word Count: 362
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Copyright Year: 2019
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