Over the past couple of days, I have written a series of diaries exposing New York State Senator Hugh Farley's (R - Schenectady County) consistent support of predatory banking practices that often exploit middle and working class consumers. This diary will provide a concise recap of my last several diaries.
During the 2013 session, Hugh Farley faced extensive controversy and criticism when he authored and attempted to advance legislation (S.3999-A) making it easier for check cashers to issue payday loans to low-income borrowers. (View Diary)
During the same 2013 session, Farley was one of only three State Senators to vote against bipartisan legislation aimed at curbing the financial exploitation of vulnerable seniors. (S.5707) (View Diary)
Farley was also one of only twelve State Senators to oppose a "certificate of merit" bill helping homeowners delay foreclosure by closing a loophole in the state court system which allowed lenders' lawyers to delay foreclosure lawsuits. (A.5582-A) The legislation was strongly supported by AARP New York. (View Diary)
As I have mentioned in my diaries throughout this series, State Senator Farley has received almost $30,000 in campaign contributions from banking and financial services since 2011. Some of Farley's contributors include Wells Fargo, Bank of America, Citibank and NBT, in addition to numerous PACs and trade groups representing banking interests.
In a
2013 report by
Fair Elections for New York, a statewide advocacy group supporting fair elections and campaign finance reform, Senator Farley's substantial campaign support from banking interests supporting payday loan legislation was cited as one the of many reasons why Republicans in the New York State Senate oppose fair elections.