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A.3320 (Zebrowski)/S.727A (Montgomery), which amends the Banking Development District (BDD) program to allow credit unions into the program with authority to accept municipal deposits in BDD branches only, was sent to the Governor for his signature earlier today. Consistent with its policy, NYBA strongly opposes any effort to allow non-tax paying credit unions the ability to take public deposits. NYBA will be submitting a letter to the Governor urging him to veto this legislation.

For a second time, a usury cap bill has been tabled by the House Financial Services Committee. H.R. 5050, the Veterans and Consumers Fair Credit Act, was not listed on the Committee’s agenda for consideration at next week’s meeting. While a bill establishing usury ceilings could come back, it appears that the banking industry’s voice, including NYBA’s, is being heard by Committee leaders. 

For more information, please contact:
Michael P. Smith, President, NYBA, at (212) 297-1699
Clare M. Cusack, General Counsel, at (212) 297-1664
Megan Rowan McGovern, Deputy General Counsel & VP, Government Relations, at (212) 297-1669