Hudson Valley Bankers Bitched To Congressman Maloney About Federal Consumer Protection Laws

Hudson Valley Bankers gave Congressman Sean Patrick Maloney more than he bargained for. Maloney agreed to participate in the kickoff of the “Take Your Lawmaker to Work Day” sponsored by the American Bankers Association. The American Bankers Association started the program to raise legislators’ awareness of the industry’s plethora of concerns.

Hudson Valley Bankers complained louder than the seniors at the Promenade Assisted Living Center in Middletown when Meatloaf Night was replaced with Tacos and Tamale Night.

Oh, Bitch, Bitch, Bitch!

Hudson Valley Bankers complained about everything. They also complained about New York’s judicial foreclosure system and overburdening CFPB guidelines that protect consumers. 

Foreclosures in NY can take three years to complete. 

The only problem with complaining to Maloney is that there is nothing the federal government can do. Gilfeather needs to lobby Albany.  Gilfether also made the debunked claim:

The lengthy foreclosure process encourages bad behavior leading customers, including commercial ones, to simply stop paying their mortgages.

Orange County bank executives also complained Dodd-Frank regulations drain resources. They also claimed that Dodd-Frank drew their attention away from day-to-day business.

Walden Savings Bank CEO Derrik Wynkoop hosted Maloney. He also invited top executives of Walkill Valley Federal Savings and Loan. Wynkoop also invited several other Orange County banks.

Wynkoop said dealing with compliance issues resulting from legislation, including the 2010 Dodd-Frank Bill, has become an onerous, distracting task. As many as 40% of jobs at Walden Savings are related to dealing with compliance issues. 

Wallkill Valley Federal Savings and Loan CEO Michael Horodyski complained mortgage qualifying rules were unfair to smaller banks. He said Dodd-Frank doesn’t take into account personal relationships. Small banks can take into account their customers’ reliability and needs that go beyond the written rules.

“I think we all make good, solid loans,” Horodyski said. “There are just life issues that can occur.”

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