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Budget/Legislation Update & Its Impact On Banks

Budget/Legislation Update & Its Impact On Banks

Reactions to Governor Cuomo’s spending plan were mixed.  I n te rms of the banking industry , the Governor’s State of the State indicated plans to introduce legislation to prevent abuse of confession of judgment/stop predatory merchant cash-advance loans.

In the proposed state budget , Article VII Regulation of student loan servicers appear to be unchanged from last year’s budget, and would require student loan servicers to be licensed by DFS, and would establish a regulatory framework for the industry in New York. The bill is necessary to implement the Fiscal Year 2020 budget. The exemption for f inancial institutions required by Dodd Frank to create subsidiaries for transfer of properties and services to such subsidiaries would be extended from June 30, 2019 to June 30, 2021.  The Governor would also eliminate the carried interest “loophole.”

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