S1748

The Senate passed legislation amending the Banking Law on a 44-15 vote, with 15 Republicans voting against the measure. Sponsor Sen. Sanders defended the bill against questions about whether federal Consumer Financial Protection Bureau regulations already address the same issues. Sanders argued that state law is necessary because judges look to statutory law rather than regulations, and the state Department of Financial Services requires legislative authority to enforce banking protections. Sen. Weber questioned the need for state action given existing federal oversight. The bill, which takes effect 90 days after becoming law, was moved to the noncontroversial calendar before the roll call vote.

The New York State Senate passed S1748, a bill to amend the Banking Law, on a 46-16 vote. Sponsored by Sen. Sanders, the measure was approved without recorded debate. The bill includes a 90-day effective date upon becoming law. Sixteen senators voted in opposition: Borrello, Gallivan, Griffo, Helming, Mattera, Murray, Oberacker, O'Mara, Ortt, Palumbo, Rolison, Stec, Tedisco, Walczyk, Weber, and Weik.