Friday's News

June 3, 2022

The State Legislative Session is very close to its conclusion, with the Assembly still at work at this writing. It was a quiet week in Washington, as lawmakers returned to their districts to participate in Memorial Day observances.

State Legislative Developments

• As of this writing, the 2022 State legislative session has not been yet completed after surpassing its scheduled end date of June 2.  The Senate has adjourned for the year, but the Assembly remains in session working through numerous bills that remain on the calendar to be considered.  NYBA is closely monitoring all of the action and will provide a comprehensive report to membership following the final gavel.  We continue to remain vigilant in advocacy efforts with regard to our Albany agenda, including opposition to public bank legislation, legislation to allow credit unions to take municipal deposits, a sweeping anti-trust proposal, a broad data privacy law and so-called “Anti-Engel” legislation that will negatively affect the statute of limitations for foreclosure.   

State Regulatory Developments

• New York Attorney General Letitia James issued an alert to New Yorkers to remind them of the risks of investing in cryptocurrencies.

Federal Legislative Developments

• The U.S. Senate and House were in recess this week in observance of the Memorial Day holiday. The Senate returns on Monday, June 6. The House returns on Tuesday, June 7.

Local Developments

• New York City Councilmember Keith Powers (D-Manhattan) has introduced two bills related to the City’s deposits at banking institutions.  Int. 498-2022 would require the Commissioner of Finance to make quarterly reports regarding the Department of Finance’s accounts of deposit; Int. 499-2022 would require the Director of Management and Budget to issue quarterly reports on the City’s use of non-depository financial institutions detailing the fees and returns for a wide variety of financial services, including money market accounts and bond issues, but excluding pension investments. Councilmember Powers also introduced a resolution calling on the State to pass the New York Public Bank Act. NYBA is strongly opposed to any legislation to create a public bank in New York State.

Resources

• The FDIC issued updates to the Consumer Compliance Examination Manual (CEM) covering Examination and Visitation Frequency and the Electronic Fund Transfer Act.
  
  
• The Federal Reserve’s Beige Book of economic data was released this week. The New York Region reported a slowing and pace of economic growth as the result of “labor shortages, supply disruptions, and an increase in COVID cases.”
  
  
• The CFPB is hosting a free webinar on the prevention of elder financial exploitation on Thursday, June 9 at 3:00 PM. Register here.
  
  
• Freddie Mac has announced a series of free webinars this Summer: HomePossible and HomeOne for Housing Finance Professionals, Tuesday, June 7 at 1-2:30 p.m.; CHOICERenovation Mortgages for Housing Finance Professionals, Tuesday, July 12 at 1-2:30 p.m.; and Condominium Project Eligibility Requirements for Housing Finance Professionals, Tuesday, August 2 at 1-2:30 p.m.

Questions? 

Contact us at govrelations@nyba.com

Questions?