For over two decades, Hugh Farley (R - Schenectady County) has frequently used his position as chairman of the Banking Committee in the New York State Senate to advance the interests of his deep-pocketed contributors over protecting middle and working class consumers from financial exploitation.
(2013 Working Families Party mailer targeting St. Sen. Hugh Farley)
As I have mentioned in several previous diaries, Senator Farley faced extensive controversy two years ago when he authored legislation (S.3999-A) making it easier for predatory loan check cashers to issue loans to low-income borrowers after he received nearly $30,000 in campaign contributions from banks, credit unions and the financial sector.
The Albany Times Union had a great editorial, which praised the Cuomo Administration for its successful efforts to derail Farley's controversial legislation, which it described as creating "an irresponsible invitation to predatory behavior."
An opinion column from the Albany Times Union, May 2, 2013:
"Say what you will about Gov. Andrew Cuomo’s frequently heavy-handed approach to the legislative process — we certainly have. But he deserves praise for killing a bill that would have turned check-cashing operations into legal loan sharks."
"Check-cashing outfits are one of the many businesses that prey on low-income customers who have few places to turn for financial transactions. They’re already known for the high fees they charge. Passing a law that would have allowed them to make loans would have been an irresponsible invitation to predatory behavior."
"Yet there were state Sen. Hugh Farley, R-Niskayuna, and Assemblyman Carl Heastie, D-Bronx, ready to do just that — until Benjamin Lawsky, the governor’s superintendent of financial services, issued a stern warning about how such loans would amount to legalized usury."
"“I’ve never seen a governor do this,” says Sarah Ludwig of the Neighborhood Development Advocacy Project, a fierce critic of what are known as payday loans."
"Now a bill that hadn’t even made it out of committee is dead. Mr. Farley beat a hasty retreat. Why keep pushing legislation so strongly opposed by the governor and the state’s top banking regulator — not to mention, incidentally, the Assembly Speaker?"
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)