State & Federal Developments

•  A10234 (Weinstein)/S9209 (Hoylman) was introduced this week. The bill would provide a clarification of requirements for forming a valid statutory short form power of attorney (POA) (and any relevant statutory gift rider), following the law’s recent revisions, by grandfathering valid POAs that were executed by the principal, but not the agent, prior to the enactment of earlier amendments to the POA in 2020. 

Federal Issues

•  NYBA joined with the ABA and other state banking associations on a letter to the leaders of the House Financial Services Committee to urge that they oppose H.R. 7003, the Credit Union Charter Enhancement Act. The bill would allow credit unions to exceed their business lending cap, ostensibly to serve unbanked and underbanked communities. Banks point out that subjecting credit unions to CRA might be a more effective way to achieve this goal. The Committee approved the bill on a party line vote, sending it to the full House for consideration.