The State Legislature passed the final State Budget on Friday, and it has been signed by the Governor. The final budget was a pared down version of the original Executive Budget proposal released in January. Among the provisions that were included in the budget: expanded paid sick leave for employees (that will go into effect in 180 days), some changes to the bail reform law of 2019, and expanded funding for the Community Development Financial Institutions (CDFI) program. Among the provisions that were omitted from the final budget: the legalization of adult-use recreational cannabis, a provision to expand the definition of unfair and abusive practices regarding consumer protections under the Department of Financial Services, provisions to protect vulnerable adults from financial exploitation, and requirements for the licensing of consumer debt collectors.
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