New York credit unions achieved a victory late Friday with Gov. Kathy Hochul’s veto of a bill that would have posed significant challenges to credit unions and their members.

The New York Credit Union Association and New York credit unions strongly advocated against the bill. They highlighted the operational challenges, confusion, and unnecessary costs the legislation would have imposed. Those warnings were enough for Hochul to reject the bill.

“I’d like to thank Governor Hochul for listening to the concerns of New York credit unions and taking the important action of vetoing this bill,” said NYCUA President/CEO William J. Mellin. “This decision reflects her understanding of the vital role credit unions play in supporting millions of New Yorkers and the potential harm this legislation would have caused to their operations and members.”

The bill, A.9230B/S.9383A, would have made numerous changes to the state’s financial services laws. Hochul said the bill is “overly broad and would generate operational challenges for consumers,” in her veto notice.