NEW YORK (10/22/15)--New York Credit Union Association (NYCUA) staff took part in a New York Assembly roundtable this week on ride-hailing services and transportation network companies (TNC) such as Lyft and Uber.
CUNA and the leagues continue to push for legislation at the state level that would protect both credit unions and members from insurance-related issues that arise when drivers choose to use their personal vehicles for a TNC.
During the meeting, which was held in New York, Mike Lanotte, NYCUA senior vice president/general counsel, reiterated the message that it’s imperative the Legislature pass a law that would include protections for lienholders’ collateral (The Point Oct. 21).
The legislation should require comprehensive and collision insurance coverage, Lanotte said. The league’s general counsel also said that lawmakers should require TNCs to meet the same regulatory and industry standards that the rest of the taxi industry must uphold.
NYCUA was the only financial services-based organization to participate in the discussion. Uber, Lyft and representatives from the insurance industry, the New York City Taxi and Limousine Commission, the taxi and limousine industry, and disability and consumer advocates also participated.
The meeting was called by Assembly members Kevin A. Cahill (D-Ulster), chair of the Committee on Insurance; David Gantt (D-Rochester), chair of the Committee on Transportation; William Magnarelli (D-Syracuse), chair of the Committee on Local Governments; Michael Benedetto (D-Bronx), chair of the Committee on Cities; and David Weprin (D-Queens), chair of the Taskforce on People with Disabilities.