Daily News Digest

 

September 17, 2018


New York Post

  • Tenants’ rights activists helped pull off a “political tsunami” in last week’s primaries, which ended in defeat for most of the members of the former Independent Democratic Conference in the State Senate. The real estate industry is concerned about the future makeup of the Senate, as are other business-related groups.
  • EDITORIAL: The New York Post urges Republican officials in Western New York to replace U.S. Rep. Chris Collins, who is no longer running, on the ballot with a sensible choice who can maintain the seat for the GOP.


Politico

  • The economic impact of Hurricane Florence will begin to appear within the next few weeks. Analysts expect “a clear hit to labor market numbers and suppressed payroll growth for September.” The storm is also expected to expose gaps in the flood insurance system.
  • Former Federal Reserve Governor and former Chairman of the Public Company Accounting Oversight Board, Mark Olson, has passed away. Mr. Olson was a frequent speaker at NYBA programs whose expertise helped guide many critical industry policy decisions.


The Wall Street Journal
 

  • Amazon has discovered that some of its employees are offering customer data, in return for bribes, mostly in China. This is against company policy but company sources say cracking down on the practice is like playing Whack-A-Mole.


The New York Times

  • Consumer advocates recommend people freeze their credit files as a way to thwart identity thieves. Credit freezes at no charge to the consumer will be available on Friday, as a new law takes effect. The Federal Trade Commission’s website will offer more information at IdentityTheft.gov at the end of the week.


Banking Law 360

  • The New York State Department of Financial Services (DFS) moved to block the OCC from offering special purpose bank charters to fintech companies. The State regulator filed a lawsuit in Manhattan federal court on Friday to have the OCC’s fintech charter decision invalidated.
  • The New York State Department of Financial Services (DFS) issued new guidance last month for indirect auto lenders that made it clear that the State regulator will “step in” where the Trump Administration has eased its rules on fair lending risk in this area.


American Banker

  • A $500 million federal credit union will become the first financial institution in Massachusetts to accept clients in the recreational marijuana business.
  • Public opinion polling suggests that if banks cannot resolve residual issues of trust in the aftermath of the financial crisis, they risk losing enormous market share to fintech companies. The fintechs have “less cultural and emotional baggage.”

 




Questions?

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


Duncan McCausland
, Marketing and Communications
dmccausland@nyba.com