This week Governor Cuomo gave his Executive Budget address for fiscal year 2021 and released language for his Executive Budget proposal, which outlines in legislative language the details of the policy proposals he wants to advance this Session and his fiscal vision for New York. Some of the provisions related to banking include the legalization of adult-use recreational cannabis, expanded definition of unfair and abusive practices in regards to enhancing consumer protections, protecting vulnerable adults from financial exploitation, the licensing of consumer debt collectors, and extending the financial institution data match program. The Assembly and Senate will now review his spending plan and advance their own budget proposals in the coming months, before voting on a State Budget, due April 1st.
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