State & Federal Legislative Developments

State Issues

• Among the bills on next week’s Committee agendas:
  • S.191 (Sanders)/A.5491 (Darling), which authorizes credit unions to participate in the Excelsior Linked Deposit Program, is on the Senate Finance Committee agenda. This bill is currently in the Assembly Ways & Means Committee. NYBA opposes the bill, and has submitted a memo in opposition. 
  • A.6617A (Weinstein)/S.5923A (Thomas) which would exempt COVID-19 economic stimulus payments from certain types of garnishment, including last year’s CARES Act payments and the most recent payment in the American Rescue Plan Act of 2021, is on the Senate Judiciary Committee agenda. The bill is currently on the floor in the Assembly. 

Federal Issues 

• Senator Elizabeth Warren (D-MA) and Rep. Sean Casten (D-IL) introduced the Climate Risk Disclosure Act, which would require the SEC to mandate companies that issue securities to annually report on specific climate impacts and their climate risk management strategies.  The bill could be considered in the House Financial Services Committee as soon as next week.