Daily News Digest

 

June 17, 2019


GRASSROOTS ACTION ALERT: CREDIT UNIONS AND PUBLIC DEPOSITS

The State Senate and Assembly Banks Committee Chairs have changed legislation that would have granted credit unions blanket authority to accept public deposits, to a proposed pilot program, with some deposit limitations and with nominal community reinvestment fees, while granting blanket authority to thrifts. While this new bill is an improvement over the previous bill, which gave thrifts and credit unions equal authority, it continues to violate NYBA’s policy against granting such authority to non-taxpaying credit unions. Therefore, NYBA, after consultation with our Board and Policy Committee, continues to oppose this bill. We urge you to send this letter to State Legislative leaders immediately. Thank you for your continued vigilance on this issue.

Times-Union

  • A bill to allow undocumented immigrants to obtain New York State drivers licenses passed the Assembly last week. While the controversial bill’s prospects for Senate passage had dimmed, sources say developments over the weekend have given the effort new life. Governor Cuomo has said he would sign the bill, if it made it to his desk. County clerks are worried that their staff members are not adequately trained to verify or certify foreign identification documents, and a slim majority of New York voters opposes the measure.
  • Many observers thought the prospects for a bill to legalize recreational marijuana were all but dashed for this Legislative Session, but sources say negotiations in the Senate are continuing in an effort to push the bill forward.

The New York Times

  • In an op/ed, two physicians urge legislators to raise the age of proposed legal marijuana use to at least 25. They argue that the human brain is still developing at age 21, and the new, more potent chemicals in marijuana damage the neuropathways that are needed for cognition and emotional responses.

Daily News

  • EDITORIAL: Daily News urges State lawmakers to resist rolling back rules governing title insurers. “Senators who vote yes [to override consumer-friendly regulations] will unleash an industry with a history of bad practices at the expense of the people they were elected to serve.”

The Wall Street Journal

  • All eyes will be on the Federal Reserve’s policy statement this week for clues as to the direction of interest rates.
  • Federal and non-profit down payment assistance programs doubled in use from 2013 to 2016, and now the FHA is tightening some standards. Borrowers who use such programs fall into delinquency at a higher rate than those who provide their own funds for a down payment.

Politico

  • As debate continues over the future of a CFPB rule on arbitration, a new paper by the Economic Policy Institute concludes that consumers fare far better in class action lawsuits than they do in private arbitration.

American Banker

  • Though CRE loans are performing relatively well, bankers worry that heightened competition from the nonbank sector could trim profits and reduce credit standards. Overall, CRE loans at banks increased by 4% in the first quarter from a year earlier, to $1.5 trillion, according to the FDIC.




Questions?

Karen Armstrong, Senior Vice President, Communications and Political Action
karmstrong@nyba.com


Duncan McCausland
, Marketing and Communications
dmccausland@nyba.com