For decades, State Senator Hugh Farley (R - Schenectady County) has been one of the largest allies of the banking and financial sectors in the New York State Legislature, often using his position as chairman of the State Senate's Banking Committee to advance predatory legislation that harms consumers. Two days ago,
I wrote a diary detailing a controversial bill authored by Farley in 2013 that would've allowed check cashers to issue payday loans to low-income borrowers. Yesterday, I covered
Farley's opposition to bipartisan legislation aimed at curbing the financial exploitation of vulnerable seniors which overwhelmingly passed the State Senate, 58 to 3. During my extensive research of Farley's voting record on banking and financial issues, I also learned that Farley was one of only 12 State Senators which opposed a measure that would've made it easier for homeowners to avert foreclosure by closing a loophole in the state court system which allowed lenders' lawyers to delay the processing of foreclosure lawsuits (
A.5582-A).
The legislation, which ultimately passed in both houses of the legislature and became law in June of 2013, was praised by New York State Attorney General Eric Schneiderman in a press release:
NEW YORK- Attorney General Eric T. Schneiderman announced that the New York State Legislature has passed the "Certificate of Merit" bill (A. 5582/S.4530A), which will help more New York families avoid foreclosure. The bill enacts common sense reforms to bring greater integrity to the foreclosure process and expedite homeowners' participation in court-supervised mediation sessions where they can negotiate workable alternatives to foreclosure with their lender. This joint program bill was proposed by the Office of the Attorney General and the Office of Court Administration. It was sponsored in the Assembly by Judiciary Committee Chair, Helene Weinstein, and in the Senate by Senate Co-Leader and Independent Democratic Conference Leader, Jeff Klein. The bill passed by a vote of 51 to 12 in the Senate. It was passed in the Assembly on May 22nd by a vote of 111 to 26.
“By passing this critical legislation, the Legislature has taken a strong stand on the side of hard working New York families who are fighting to keep their homes but can’t get a fair shake from mortgage providers,” said Attorney General Schneiderman. “The 'Certificate of Merit' bill will give countless homeowners a fighting chance to save their homes. Instead of being trapped in the growing 'shadow docket' of essentially frozen foreclosure cases, homeowners will be able to schedule mandatory court settlement conference promptly, and negotiate to keep their homes.”
The legislative was top priority for Attorney General Schneiderman, who has been a staunch advocate for homeowners who bore the brunt of the financial crisis caused by the collapse of the housing bubble. Many homeowners in New York are still fighting to stay in their homes, and the certificate of merit bill will ensure that when a family gets a foreclosure notice, they will be able to schedule a settlement conference promptly, before they sink deeper in to debt.
AARP New York was also a
strong supporter of the legislation:
“This bill will help thousands of New Yorkers keep the homes they’ve worked hard their whole lives to afford,” said AARP New York state director Beth Finkel. “AARP is gratified that Senator Klein and Assemblywoman Weinstein are leading the way in ensuring that the good work of the legislature in 2009 to require swift scheduling of court-supervised mediation in foreclosure cases is protected. Their bill closes a major loophole to ensure homeowners actually get to this mediation so they can work out manageable mortgage modifications.”
AARP New York applauds Attorney General Eric Schneiderman, Senator Klein and Assembly Member Weinstein for their efforts on behalf of the bill, which was proposed by the attorney general and the Office of Court Administration.
State Senator Hugh Farley's campaign contributions from banks, credit unions and the financial sector since 2011:
NBT PAC $500 on 10/6/14
Robert G. Wilmers (CEO of M&T Bank) $500 on 9/26/14
Bank of America PAC $400 on 6/3/14
NAIFA (Nat. Assoc. of Insurance & Financial Adv.) $250 on 3/2/14
New York Check PAC $500 on 3/2/14
Trustco Bank $1,000 on 2/24/14
NBT PAC $500 on 2/3/14
New York Bankers PAC $1,000 on 2/2/14
Pioneer Bank $400 on 2/2/14
Credit Union Political Action Council (CUPAC) $500 1/21/14
New York Bankers PAC $1,000 on 3/12/13
New York Check PAC $1,000 on 3/4/13
Credit Unions PAC $500 on 3/1/13
NYS Independent Bankers PAC $2,500 on 3/1/13
NBT PAC $500 on 2/21/13
Robert G. Wilmers (CEO of M&T Bank) $500 on 2/21/13
NYS Independent Bankers PAC $200 on 10/30/12
New York Check PAC $1,000 on 10/27/12
Bank of America PAC $500 on 10/19/12
Wells Fargo & Co. $1,500 on 10/15/12
NBT PAC $500 on 10/13/12
NYS Independent Bankers PAC $2,500 on 8/29/12
Cardtronics USA $500 on 2/6/12
Trustco Bank $1,000 on 1/24/12
Hudson River Community Credit Union $350 on 1/22/12
NBT PAC $500 on 1/13/12
Robert G. Wilmers (CEO of M&T Bank) $500 on 1/13/12
NYS Independent Bankers PAC $3,000 on 10/31/11
Bank of America PAC $350 on 6/2/11
Citigroup PAC $500 on 4/14/11
Cardtronics USA $500 on 2/14/11
New York Bankers PAC $700 on 2/14/11
New York Check PAC $1,000 on 2/14/11
Credit Unions PAC $350 on 2/13/11
Community Bank $300 on 2/11/11
John Kanas (CEO of BankUnited) $500 on 2/7/11
Robert G. Wilmers (CEO of M&T Bank) $500 on 2/7/11
Trustco Bank $500 on 2/2/11
NBT PAC $500 on 1/28/11
TOTAL CONTRIBUTIONS: $29,350
(Source: New York State Board of Elections)