In Albany, The More Things Change The More They Stay The Same

April 25, 2018 at 8:58 am Leave a comment

Image result for simcha felder

By winning two special elections last night for vacant State Senate seats combined with the recent dissolution of the Democratic Independent Caucus, the Democrats now have a numeric majority in the New York State Senate. This is a big deal. With the exception of short stints in 2008 and 1965, the Republicans have controlled the State Senate since World War II.

In addition, the fact that the Republicans lost decisively in the special election in Westchester where Democrat Shelley Mayer will now serve out the remainder of that Senate term, is a sure sign that State Senate Republicans may very well pay a hefty price for the Trump Presidency. When I started working in the State Senate in 1989, the general rule of thumb was that national politics didn’t really have too much of an impact on the State Senate. Clearly this is no longer true.

Now for the good news if you’re a Republican. Despite this historic election, not all that much has changed this morning. That’s because Simcha Felder who runs on the Democratic and Republican line has indicated that he is going to continue to support the Republicans at least until the end of session. Stay tuned, this is a story that will be playing out at least through November and one that which will have a huge impact on the shapes and prospects for the credit union legislative agenda for years to come.

By the way, a special thanks to all of you who took the time to show up in Albany for our annual State GAC event. It’s always great to see all of you who make the extra effort to help out with the cause.

Mulvaney To Shut Down Public Complaint Portal

Since its inception in 2014, yours truly has been a vocal critic of CFPB’s public complaint portal under which complaints lodged against financial institutions are available for public review. Talk about guilty until proven innocent.

In the latest example of his efforts to fundamentally reform the Bureau of which he is head, Acting Director Mick Mulvaney indicated in a speech before the American Bankers Association yesterday that he whole-heartedly agrees with me. The American Banker quotes him as saying, “I don’t see anything in here that says I have to make all of this public. We are going to maintain the consumer database. It is mandated by law,” but “I don’t see anything in here that I have to run a Yelp for financial services sponsored by the federal government.” His comments come as the CFPB has made a request for the public to comment on CFPB’s existing public complaint process.

Enjoy your day.

Entry filed under: New York State, Political, Regulatory. Tags: , , .

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Authored By:

Henry Meier, Esq., Senior Vice President, General Counsel, New York Credit Union Association.

The views Henry expresses are Henry’s alone and do not necessarily reflect the views of the Association. In addition, although Henry strives to give his readers useful and accurate information on a broad range of subjects, many of which involve legal disputes, his views are not a substitute for legal advise from retained counsel.

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