Statement on the NYBA's 2010 Legislative Agenda

ALBANY, NY (02/01/2010)(readMedia)-- At a time of severe economic crisis caused in no small part by banker excesses, it is disappointing that one of the top priorities of the bankers is to limit access to credit unions. This agenda was evident in recent budget hearing testimony, and it will no doubt continue during the New York Bankers Association's designated lobby day today.

I encourage lawmakers and the public to ask themselves why, in the midst of economic crisis, banks are using lawmaker's valuable time to lobby against not-for-profit credit unions instead of looking for ways to work with the legislature in helping New York's working families save money, find affordable credit and create jobs. The NYBA's platform is based on denying municipalities critical choices for their financial services and maintaining ineffective monopolies-at the expense of local governments and the citizens they serve. Doesn't this approach simply perpetuate the bad behavior that led us to today's economic problems?

The Credit Union Association of New York and our state's 461 credit unions think so, and we applaud the legislators who have stood up for expanded municipal depository choice. We thank Governor Paterson, who included depository choice for local governments in his executive budget proposal, and Senator Craig Johnson (D-Port Washington) and Assemblyman Harvey Weisenberg (D-Long Beach), who have taken steps to support municipal depository choice legislation.

These legislators are working to provide local leaders with the option of making deposits in locally-owned, community-based credit unions and savings banks-because they recognize that expanded choice is good for the local economy and the residents they serve. They realize that now is not the time to further monopolies to drive up earnings; instead, it is the time to employ common sense and let local government-not the commercial banks-decide the best depositories for their tax dollars.

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