State & Federal Legislative Developments

A bill that passed both houses of the Legislature earlier this year, A.5698 (Rozic)/S.133-A (Mayer), which mandates a credit card rewards grace period and certain notices to consumers, was sent to the Governor for consideration this week. NYBA distributed a Memo in Opposition to the bill while it was pending in the Legislature. NYBA continues to meet and work with the bill sponsors and Governor’s Office on clarifying provisions within the bill based on valuable insights from NYBA members.

 Federal Issues

NYBA joined with the ABA and other state banking associations across the country to urge U.S. Senators to include the SAFE Banking Act in the “must pass” military spending package. The Secure and Fair Enforcement Banking Act would provide a regulatory safe harbor for banks serving legal cannabis businesses.