ALBANY, N.Y. (7/6/15)--The New York State Legislature wrapped up a tumultuous session last week, and the New York Credit Union Association (NYCUA) successfully lobbied against several pieces of legislation that--if passed--would have been harmful to credit unions (The Point June 29).
At the urging of the NYCUA, lawmakers stalled bills that would have:
"After our offensive 'wins' in 2014, we devoted much of our time this year to playing defense against potentially harmful legislation," said Mike Lanotte, NYCUA senior vice president/general counsel. “Even so, the state funds deposit program bill progressed further than ever before, so we expect that--along with the municipal deposits legislation--to be a major focus next session."
Also, New York Attorney General Eric Schneiderman's office and state legislators introduced data breach legislation as part of a state level solution. However, the legislation did not include reimbursement for losses when data breaches occur. NYCUA strongly supported the reimbursement provision and will continue to lobby lawmakers next session when the legislation is revisited.