Legislative Bill Tracking
State Issues
- Governor Cuomo signed into law 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. NYBA opposed this bill and sent a letter to the Governor urging disapproval earlier this week. The law took effect immediately upon signing.
- A.8024 (Zebrowski)/S.6249 (Sanders), which clarifies that individuals holding certain professional licenses may be engaged by appraisal management companies to conduct non-appraisal services, was delivered to the Governor for his signature this week. NYBA sent a letter to the Governor urging approval of the bill.
- A.1859A(Magnarelli)/S.5079A (Skoufis), the Zombie Property Remediation Act of 2019, was also delivered to the Governor for his signature. NYBA sent a letter to the Governor urging disapproval of the bill.
Federal Issues
The Office of the Comptroller of the Currency, together with the FDIC, released its much-anticipated proposal to reform and modernize the Community Reinvestment Act (CRA). Under the plan, regulators would have to publish a list of pre-approved CRA activities, expand assessment areas to take into account mobile and online banking, and introduce two new performance standards. Importantly, the plan provides an opt out for banks under $500 million so that they can chose to use the existing CRA framework.
For additional information on any of the State or Federal issues, 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