ALBANY, N.Y.– Credit union advocates from across the Empire State met with lawmakers during the New York Credit Union Association’s State Governmental Affairs Conference, which provided attendees with numerous opportunities to connect with lawmakers and discuss important credit union legislative issues.
As part of the meeting, NYCUA Vice President of Compliance Mike Carter offered a compliance update that included the latest information on the Truth in Lending Act, the Real Estate Settlement Procedures Act, privacy notices, risk-based capital, fixed assets, Interest on Lawyer Trust Accounts, the Home Mortgage Disclosure Act, Regulation CC and potential upcoming actions from the Consumer Financial Protection Bureau and the National Credit Union Administration.
Following Carter’s presentation, the group heard from Association Senior Vice President and General Counsel Mike Lanotte, who discussed the state’s new field of membership law. Lanotte was joined on stage by Ruth Adams, deputy superintendent of regional and community banks for the state Department of Financial Services. Together, the two discussed the similarities and differences between the state and federal charter, and how a new state charter law signed last year will benefit many credit unions.
The session also included a discussion on Lucky Savers, the prize-linked savings program that is launching in New York later this year; a legislative briefing; and a legislative reception, allowing attendees to network with state lawmakers from both chambers of the Legislature.
Nearly 150 credit union advocates also visited the state Capitol to lobby for credit union issues and thank lawmakers for supporting pro-credit union legislation. Among the issues for which delegates advocated were for municipal depository choice, data breach legislation, and participation in the state funds deposit program
“Once again, the credit union message was heard loud and clear by our lawmakers during this year’s State GAC,” said NYCUA President and CEO William J. Mellin. “All of the credit union advocates who participated in this year’s conference did a tremendous job of relaying the credit union difference to our elected officials.”