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CU System
New York league testifies at state budget hearing
LATHAM, N.Y. (2/22/08)--Amy Kramer, vice president of governmental affairs for the New York State Credit Union League (NYSCUL), presented testimony on behalf of the league and the New York credit union movement at a state public budget hearing Feb. 11.
Amy Kramer, New York State Credit Union League vice president, gives testimony on behalf of the league and New York credit unions at a recent state public budget hearing. (Photo provided by the New York State Credit Union League)
Kramer testified before the New York State Senate Finance and Assembly Ways and Means committees gathering information that would help facilitate legislative review of Gov. Eliot Spitzer’s 2008-2009 budget proposal. Credit unions are an important asset for New York’s consumers, Kramer testified. She requested actions on mortgage parity for state-chartered credit unions and funding for the new community development financial institutions (CDFI) fund--two key issues for credit unions and their members, the league said. “As for not-for-profit institutions, this tax to record mortgages is unfair, burdensome, and puts the New York State credit union charter at a disadvantage,” said Kramer. “The legislature has taken steps to make important legislative proposals to address the subprime mortgage crisis. Why then would the state make it more costly for credit unions to grant mortgages? “With savings from this tax, credit unions will grant more mortgages, create jobs, and expand financial services and investment in their communities,” she continued. Kramer asked that initial appropriations of $5 million for the new CDFI fund be part of the 2008-2009 budget. Also, she asked that the $1.5 million appropriation for the Empire State Development Corp.’s Women- and Minority-Owned Business Lending Program be continued. NYSCUL and the National Federation of Community Development Credit Unions partnered to advocate for passage and eventual formation of the fund in 2007.


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