2011 New York State Legislative Year in Review

The 2011 legislative session was uncharacteristically productive. Governor Andrew Cuomo and the legislature worked together to implementing several new laws. Here is a brief recap of some of the highlights:

• A 2% Property Tax Cap limits the annual increase in the overall amount of property taxes collected by a local government or a school district. Property tax increases for individual homeowners could vary as properties are reassessed.
• New York State became the 6th state in the nation to legalize same sex marriage.
• Restructured Tax Brackets 
• Creation of the New York State Department of Financial Services 

Several bills of interest were also signed into law:

Home Office Protection for Bank Holding Companies (A.8157 Abbate/S.5004 Griffo) was an IBANYS priority and was signed into law as Chapter 449 of the Laws of 2011. The law corrects the definition of bank holding company as it applies to home office protection and restores home office protections to one bank holding company.  

Wild Card (A.8156 Lancman/S.4612-A Griffo) was signed into law as Chapter 448 of the Laws of 2011. The bill establishes time limits for the determination of wild card applications. It ends the ability of the Banking Department to shelve a decision on a wild card application and requires that determination be rendered.  

After several amendments, Information Subpoenas (S.4530-B Saland/A.6875-B Lentol) was signed into law as Chapter 342 of the Laws of 2011. The bill is directed at controlling the unfettered insurance of information subpoenas. It mandates that, where a judgment creditor of their agent sends more than 50 information subpoenas a month, the judgment creditor or their agent must maintain records. Those records would need proceed and specify the grounds for their reasonable belief that the recipient of the subpoena has information with respect to the judgment debtor, which must be certified. It also provides for enforcement by an aggrieved entity served with more than 50 subpoenas or the Attorney General.  

A measure that extends the thrifts participation in the banking development district program to January 1, 2017, Banking Development District (S.5478 Griffo/A.8103-A Meng) was signed into law as Chapter 484 of the Laws of 2011.

Head to www.ibanys.net/legislative to see IBANYS Legislative priorities for 2012. 

 From: Rome Sentinel, December 21, 2011

Oneida Savings Bank has promoted Brett W. Zielasko to trust officer.

Zielasko has been with Oneida Savings Bank since November 2010, most recently as assistant trust officer. In his new capacity, he is responsible for all aspects of Trust and Investment Services for Oneida Savings Bank, in addition to assisting the senior account officer with account administration and developing new business relationships for the Trust Department.

Zielasko is a graduate of Oneida High School. He earned a bachelor's degree from SUNY Oswego, a law degree from Western New England College School of Law, Springfield, Mass., and passed the New York State Bar Examination in 2010.

Zielasko is a member of the Oneida Rotary Club and a member of the Western New England Law Review. He has continued his education by attending the New York Bankers Association sponsored Trust Administration School. He resides in Chittenango with his wife, Cortney.

Oneida Savings Bank was established in 1866 and is a stock savings bank operating 12 Central New York banking offices in Madison, Oneida, and Onondaga counties, including Rome locations.

IBANYS congratulates Brett on all of his accomplishments!