Legislative Bill Tracking
The State Legislature had several productive final days of session this week, as the 2019 legislative session officially ended early this morning. The overall impact on the banking industry is a positive one, following a session that saw many vast initiatives taken up by the legislature. To summarize, the credit union industry’s quest to obtain expansive government banking authority in New York State failed in the closing hours of the State Legislative session in Albany, and was ultimately limited to the Banking Development District Program (BDD). An objectionable rewrite of the short form power of attorney also stalled. A favorable tax amendment to GILTI was approved.
House Financial Services Committee Ranking Member Patrick McHenry (R-N.C.) wrote to Federal Reserve Vice Chairman for Supervision Randal Quarles this week calling on the Fed to increase its efforts to help banks transition away from the London Interbank Offered Rate to SOFR, the preferred benchmark rate of the Alternative Reference Rates Committee.
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