LATHAM, N.Y. — In one of a number of public budget hearings to be held by Senate Finance and Assembly Ways and Means, Amy Kramer vice president, Governmental Affairs, gave testimony on behalf of the New York State Credit Union League and the New York credit union movement.
The hearing was scheduled to gather information that would help facilitate legislative review of Governor Eliot Spitzer's 2008-2009 budget proposal.
Kramer testified about how non-for-profit credit unions are an important asset for New York's consumers. She requested action on mortgage parity for state-chartered credit unions and funding for the newly created community development financial institution fund.
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"As 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 the savings from this tax, credit unions will grant more mortgages, create jobs, and expand financial services and investment in their communities."
In regards to the New York State CDFI fund, Kramer asked that an initial appropriation of $5 million be part of the 2008-2009 budget, and that the $1.5 million appropriation for ESDC's Women-and Minority-Owned Business Lending Program be continued.
"CDFI's are mission-driven lenders that fight predatory lending by providing consumer education and affordable financing. They assist individual borrowers in getting out of over indebtedness, mounting loan principal, and accumulated interest that generally exceeds what they can afford," continued Kramer.
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