New York's State of Mind
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An Inside look at laws & regulations Impacting New York credit unions. Nothing thrills Henry more than a controversial piece of legislation, a complicated new regulation or a groundbreaking lawsuit. As Senior Vice President, General Counsel for the New York Credit Union Association, Henry is actively involved in all legislative, regulatory and legal issues impacting New York credit unions.
New York's State of Mind
1y ago
The big news this morning, that you should be keeping an eye on, is that interest rates and inflation are beginning to have an even more dramatic impact on deposits than anticipated when the Fed started its aggressive interest rate hikes earlier this year. The Wall Street Journal is reporting this morning (5:30 am for ..read more
New York's State of Mind
1y ago
Although NCUA has warned against the dangers posed by a spike in interest rates for more than a decade, now that we are experiencing rising interest rates, high inflation and low unemployment, the industry has been caught flat-footed as credit unions try to navigate the most unique set of economic conditions since the 1970s. Unfortunately ..read more
New York's State of Mind
1y ago
If you don’t know who Mudge is, my guess is you will soon enough. He is the disgruntled former IT Chief who recently filed a Whistleblower Complaint against Twitter alleging, among other things, that the company knowingly violated an FTC consent decree by failing to take appropriate steps to fix “egregious” shortcomings in its cybersecurity ..read more
New York's State of Mind
1y ago
The most intriguing bit of news this morning you should keep an eye on is that California’s Attorney General announced a high profile enforcement action and settlement yesterday against Sephora for violating the state’s California Consumer Privacy Act (CCPA). Trust me on this one. California has taken a leadership role in this area and its ..read more
New York's State of Mind
1y ago
“Here we go again She’s back in town again I’ll take her back again One more time” (Here We Go Again, song by Ray Charles) Good morning folks. I have the late, great Ray Charles on my mind as I consider my response to the latest attempt by the merchant industry to place a cap ..read more
New York's State of Mind
1y ago
Over the last couple of years, I have been intrigued by the rise of the FinTech version of buy now, pay later (BNPL) platform. Although it can vary widely from company to company, in its purest form, these FinTechs agree to buy consumer loans that meet underwriting criteria in return for a larger percentage of ..read more
New York's State of Mind
1y ago
Lately, yours truly has published fewer blogs than the Yankees have scored runs, but as I was watching the Yankees go about another inept offensive performance, I decided that I should give you a head’s-up on final regulations issued by the Federal Reserve Board creating a standard framework for the twelve Reserve Banks to use ..read more
New York's State of Mind
1y ago
There are two types of credit unions: those that provide P2P transfer services such as Zelle, and those of you that should provide P2P transfer services, such as Zelle. Compliance concerns be damned, these services make life a lot easier for your members. That being said, those of you who ignore the emerging legal risks ..read more
New York's State of Mind
1y ago
How is it possible that we are once again experiencing historically low unemployment while at the same time struggling to fill positions ranging from entry level tellers to Chief Compliance Officers? The best explanation I’ve seen comes from former Treasury Secretary Lawrence Summers. If he’s right, the economy needs a trip to the dentist and ..read more
New York's State of Mind
1y ago
Late this past Friday, New York’s Department of Financial Services provided a notice of proposed amendments to the Department’s Cybersecurity Regulation (23 NYCRR 500). This regulation applies to any state licensed or regulated institution and their affiliates. These proposed changes are a big deal. In 2017, New York promulgated its “first in the nation ..read more