Hochul Prepares To Make Her Mark

August 12, 2021 at 9:20 am Leave a comment

Yesterday, Lieutenant Governor Kathy Hochul took to the air waves when she held her first press conference. While it’s always dangerous to make predictions, what’s clear is that Hochul’s will not be a caretaker Administration content to keep the seat warm until the next gubernatorial election in 2022.

She used the nationally televised platform to indicate that when she formally takes power, in a little less than two weeks, the native of Western New York will hit the ground running. Expect to see a state-of-the-state style speech shortly after her ascension and some new faces in and around the Executive Chamber.

Even as we anticipate changes, however, the mechanics of government remain unchanged. For credit unions this means that at some point the executive will act on two key credit union priorities passed by the Legislature this year. What I am of course referring to is S191 Sanders / A5459 Darling which allows credit unions to participate in the Excelsior Linked Deposit program and S 1780-C Skoufis / A399-B Rozic, which authorizes the use of Remote Notarization.

To gain further insight on how these changes could impact credit unions, on Friday we will be hosting a discussion with David Weinraub, a seasoned veteran of the Albany political scene and our outside lobbyist.  (register here to join)

Calls Mount To End Asset Purchases

In the wake of an inflation report indicating that the economy is not in danger of overheating, pressure is mounting on the Fed to end its bond buying program which has kept interest rates artificially low since the pandemic put the economy on life support.

In a televised interview yesterday, Robert Kaplan, President of the Federal Reserve Bank of Dallas, called for an aggressive end to the program. If he has his way, at its September meeting the Fed will announce that the program is ending. He wants to see the program wound down over an eight month period. It’s going to be interesting to see how the captains of industry react to this and other similar announcements in the coming days. Again, it’s dangerous to make predictions but don’t be surprised if you see a market correction in the coming weeks. This will actually be a sign that the economy is getting back to normal.

Entry filed under: Economy, New York State, Political. 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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