Issues: Banks

Bethpage Federal Credit Union Opens New Branch In West Babylon

Senator Owen H. Johnson joined employees of  Bethpage Federal Credit Union along with members of the Babylon Town Chamber of Commerce and other elected officials to celebrate the opening of the new Bethpage Federal Credit Union branch in West Babylon.  The official ribbon cutting ceremony took place on February 16, 2012 at the new branch location at 555 Montauk Highway, West Babylon in the Pathmark Shopping Center.

April 4, 2012
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State Passes Fiscally Responsible Budget That Respects Taxpayers

Budget Comes Early, Controls Spending and Holds The Line On Taxes

Senator Patrick M. Gallivan hailed the 2012 state budget today as lawmakers approved the spending plan ahead of the April 1st deadline, marking the second consecutive year New York State will enact an on-time budget.

“Passing a second on-time budget in as many years is indicative of the larger progress we’ve seen lately in Albany. Just as late budgets were once a symbol of dysfunction, on-time budgets are symbolic of continued progress,” the Senator said. “Even more important than passing an on-time budget, is that we passed a fiscally responsible budget that respects New York’s taxpayers and keeps the State moving forward.”

April 3, 2012
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Budget Update From State Senator David J. Valesky

The New York State Legislature has completed passage of an on-time budget for the second year in a row. Though it was another challenging budget, requiring the closure of a $3.5 billion deficit, we were able to balance the budget without tax increases or fiscal gimmickry. In addition, overall spending was reduced for the second straight year, the frist time this has happened in at least three decades. 

Some highlights include:

March 30, 2012
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Prohibit Brokers and Lenders From Deceiving Borrowers

News From New York StateSenator Shirley L.

March 30, 2012
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Governor Cuomo and Legislative Leaders Announce Agreement on 2012-13 State Budget

Governor Cuomo released the following announcement on March 27, 2012:

The Budget continues the Governor’s commitment to fiscal responsibility while creating jobs and strengthening communities across the state. It closes a multi-billion dollar deficit with no new taxes, fees or gimmicks, limits spending growth to two percent or below for the second year in a row, and launches the New York Works Task Force to invest billions of dollars to rebuild the state's roads, bridges, parks, and other infrastructure and create tens of thousands of jobs.

March 29, 2012
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Committee Meeting: Banks Meeting

Senate Standing Committee on Banks Senator Joseph Griffo, Chair 10:00 AM, Wednesday, March 28, 2012 Room 611 LOB

March 28, 10:00 AM - 10:28 AM
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Krueger Announces Senate Passage of Ban on “Yield Spread Premiums”, Predatory Lending Practice

Albany, NY – State Senator Liz Krueger (D-Manhattan) today announced the passage of her legislation permanently banning “yield spread premiums” in New York State (S. 886). This practice created perverse incentives in the mortgage market, fleecing families and creating instability in the nation’s financial system, ultimately contributing to the national mortgage foreclosure crisis.

March 22, 2012
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SENATE PASSES 2012-13 BUDGET RESOLUTION

Gallivan: “Senate Plan Cuts Taxes, Reforms Medicaid, Protects Seniors and Schools.”

The New York State Senate voted to approve its 2012-13 Senate Budget resolution, continuing its focus on state spending, job creation, and structural reform to government.

The Senate budget, at just under $132.5 billion, keeps the total state spending increase below two percent, and spends less than the Executive Budget. The budget closes a $2 billion budget deficit and builds on last year’s successes in putting the state’s fiscal house in order.

March 13, 2012
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Statement from Senator Valesky Regarding Syracuse Common Council Passage of Land Bank Legislation

I applaud the Common Council for moving legislation forward to create a city/county land bank. As the author of the state law, I am extremely encouraged that Onondaga County and the city of Syracuse will have the opportunity to be one of the first land banks in the state. Vacant and abandoned housing has been a problem in our communities for too long, and the application of this new strategy is a promising solution.

 

March 12, 2012
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Committee Meeting: Banks Meeting

Senate Standing Committee on Banks Senator Joseph Griffo, Chair 9:30 AM, Wednesday, March 7, 2012 Room 611 LOB

March 7, 9:30 AM - 9:37 AM
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Senator Montgomery Announces NYSABPRL's 41st Annual Legislative Conference Workshop & Event Schedule

The 41st Annual Legislative Conference of the NYS Association of Black and Puerto Rican Legislators will convene on Friday, February 17th and conclude on Sunday, February 19th, 2012. The theme of this year’s conference is “Open Doors to Employment, Opens Doors to Empowerment."

The Conference schedule of educational workshops and weekend-long events is included here in a pdf format that can be downloaded.  More information on the Legislative Conference may be obtained by visiting www.nysabprl.org.

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February 9, 2012
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Local pols reject Morgan Stanley price fixing settlement

The Queens Courier wrote an article about the Department of Justice's $4.8 million settlement with Morgan Stanley for their illegal pricing scheme, which cost ratepayers roughly $300 million. Senator Gianaris and other local politicians are pushing the Dept. of Justice to increase the fine, arguing that the current settlement is unacceptable and would allow Morgan Stanley to keep millions in profit.

Local elected officials are expending “energy” to ensure Morgan Stanley doesn’t get a quick “fix” to its illegal pricing ploy.

January 23, 2012
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A slap on the wrist for illegal millions?

The Queens Chronicle investigates the alleged prixe-fixing scheme employed by Morgan Stanley and KeySpan that overcharged New Yorkers for electrictity while garnering Morgan Stanley and KeySpan $21.6 million. Senator Gianaris believes that the Department of Justice's recommended fine of $4.8 million is inadequate.

A price-fixing scheme allegedly concocted by Morgan Stanley and KeySpan, and involving Astoria Generating Co., may have overcharged New Yorkers for electricity while garnering Morgan Stanley and KeySpan millions, according to published reports and two area politicians outraged at the scheme: Councilman Peter Vallone Jr. (D-Astoria) and state Sen. Mike Gianaris (D-Astoria).

January 20, 2012
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Pols’ power play

The New York Post wrote an article about community leaders from Queens who are complaining that a $4.8 million fine issued to Morgan Stanley for a price-fixing scheme is not enough. Senator Gianaris feels that such an insignificant fine would continue to permit the bank to reap the benefits of its illicit profits.

Two local lawmakers have asked a judge to pull the plug on a deal that leaves victims of a huge electricity price-fixing scheme out in the cold.

State Sen. Michael Gianaris and City Councilman Peter Vallone Jr., both Queens Democrats, wrote Manhattan federal Judge William Pauley asking him to order Morgan Stanley to refund millions of dollars to Con Ed customers.

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January 20, 2012
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IDC Releases Small Business Action Plan

Roadmap to Help Main Street Stems From ThoughtRaiser Initiative 

The Independent Democratic Conference today released a multi-pronged plan of action aimed at strengthening New York’s economy by helping small businesses across the state.

January 19, 2012
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Independent Democratic Conference Releases 2012 Legislative Agenda

 

NEW YORK, NY - The Independent Democratic Conference  released its 2012 legislative agenda Thursday aimed at strengthening this state's economy, improving the lives of New York residents, and preserving New York's progressive tradition.

The agenda was released on the anniversary of the IDC's formation and after a successful year that saw many of the conference's 2011 priorities made into law.

January 8, 2012
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Committee Meeting: Banks Meeting

Senate Standing Committee on Banks Senator Joseph Griffo, Chair 12:30 PM, Monday, January 9, 2012 Room 611 LOB

January 9, 12:30 PM - 12:35 PM
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OFFICE OF ATTORNEY GENERAL UNVEILS YEAR-END REVIEW

Review Cites Progress For New York On Taxpayer Protection, Public Safety, Economic Justice, Public Integrity, Civil Rights & Environmental Protection

The Office of Attorney General Eric T. Schneiderman today issued an end-of-the-year review detailing many of its accomplishments in areas including public safety, economic justice, taxpayer protection, public integrity, civil rights and environmental protection.

December 29, 2011
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State Senate Approves Plan For Middle Class Tax Break, Millionaire Tax Hike

NY1 wrote about the recent Albany passing of the change in the state's tax code, which will essentially up the taxes for the wealthy in New York and give breaks to millions of other residents. Senator Gianaris supports this change, hoping that during these difficult economic times, this tax break will benefit middle class families in New York.

Albany lawmakers on Wednesday passed a major overhaul of the state's tax code that will mean higher taxes for the wealthiest New Yorkers and a tax break for millions of residents, pending the approval of the State Assembly.

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December 8, 2011
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Senator Lee Zeldin Hosts Home Mortgage Information Seminar for Residents of the 3rd Senate District

Central Islip, N.Y. – Recognizing that many communities within the 3rd Senate District were among the hardest hit by the recent foreclosure crisis, State Senator Lee M. Zeldin (R, C, I- Shirley) hosted a Home Mortgage Informational Seminar this past Wednesday, November 2, 2011, at the Central Islip High School.

Representatives from the Economic Opportunity Council (E.O.C.) of Suffolk County and the Long Island Housing Partnership, Inc., were on hand to provide one-on-one counseling with the many individuals who were in attendance. Presentations were also made on various topics, including the Federal Homes Affordable Act (HAMP) modification loan procedures, short sales, deed in lieu of foreclosure, mortgage redemption, and forbearance.

November 7, 2011
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