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News Now

CU System
Oral arguments in N.Y. mortgage case postponed
MANHATTAN, N.Y. (3/25/10)--Oral arguments originally scheduled for today in Hudson Valley FCU's challenge against a New York state assessment requirement on credit union mortgage loans have been postponed until April 13. Credit Union National Association (CUNA) General Counsel Eric Richard and Counsel for Special Projects Michael Edwards were en route to New York Wednesday to attend the hearing when the postponement was announced. Oral arguments next month will be heard before the Supreme Court for New York County, a trial-level court located in Manhattan. Judge Judith Gische will preside. At issue is whether a federal credit union (including its members) must pay a mortgage registration tax to New York to record its mortgages with the state. The Poughkeepsie-based credit union filed the suit on May 15, 2009, against the New York State Department of Taxation and Finance, Commissioner Robert L. Megna, and the State of New York. CUNA will continue to monitor developments in the case and News Now will provide updates.
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