2022 Advocacy Priorities

1. Key Issue Areas

Indicate, on a scale of 0-100, how strongly you believe the New York Credit Union Association should prioritize the following issue:

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* 1. New York is in the dwindling minority of states that have not authorized credit unions to accept public deposits . The Association will continue to advocate for legislation authorizing credit unions to accept municipal deposits.

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* 2. While financial institutions such as credit unions are subject to strict data security standards under the Gramm-Leach-Bliley Act and state cybersecurity regulations, merchants are not subject to any similar security standards. The NYCUA will advocate for one comprehensive national data security standard for all entities handling consumer information.

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* 3. Too often, entities such as merchants are negligent in their handling of consumer information which can lead to costly data breaches. NYCUA will advocate for legislation that would hold entities to the same standards as financial institutions in protecting consumer information and provide the right to sue negligent entities for costs related to the data breach.

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* 4. New York State has one of the longest and most difficult foreclosure processes. The Association will pursue reforms that balance legislation with consumer protections and oppose any legislation designed to increase mortgage protections beyond existing requirements.

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* 5. New York’s financial institutions still lack a clear legal framework on the federal level regarding marijuana banking. While continuing to take no stand on the legalization of marijuana, we will continue to advocate for changes to federal law to authorize the provision of banking services to marijuana-related businesses while working with both the Department of Financial Services as well as the Legislature to aid credit unions which choose to provide services to these businesses.

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* 6. Helping members attain financial wellness has always been a core goal of credit unions. The Association will reinvigorate these efforts by advocating for legislation that will enhance financial education for primary and secondary school children.

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