What's New? NY Adverse Claims Wage Exemption Amount

Under New York’s Exempt Income Protection Act (“EIPA”), certain funds in deposit accounts are exempt from most restraining notices and levies. One exemption under the EIPA is for an amount deemed to be protected wages, with the amount of such exemption tied to the minimum wage. As a result of an increase in the New York State minimum wage that takes effect on January 1, 2025, the amount of the wage exemption under the EIPA will increase as of that date.

Read more in The Gold Book:

New York EIPA Wage Exemptions

New York Minimum Wage

What's New? 2025 Increase to NY Minimum Wage

The minimum wage in New York State is scheduled to increase by 50 cents in 2025.

The raise is set to take effect on Jan. 1, according to the State Labor Department. The increase will bring the minimum wage to $16.50 an hour in New York City, Westchester County and on Long Island. In the rest of the state, including Upstate New York, the new minimum wage will be $15.50 an hour. See more in The Gold Book under New York Minimum Wage.

What's New? NYS Exemption for Restraining Notices and Levies Increased

Under New York’s Exempt Income Protection Act (“EIPA”), certain funds in deposit accounts are exempt from most restraining notices and levies. One exemption under the EIPA is for the direct deposit or electronic payment of certain statutorily exempt funds (such as social security) into a deposit account, with the amount of the exemption adjusted every three years based on inflation. That amount has increased to $3,425 as of April 1, 2024. See Exemptions to Adverse Claims, New York Rules in The Gold Book for further details.

What's New? NYS Abandoned Property Death Validation

On March 23rd, 2023, the State of New York enacted legislation mandating property holders to perform death validations on customers for which a notification of death has been received through their normal course of business. Read more about Death Validation in the Abandoned Property section of The Gold Book. 

What's New? NY Minimum Wage Increase

The state minimum wage is scheduled to increase on January 1, 2024 to $16.00 per hour for New York City and the counties of Nassau, Suffolk and Westchester, and to $15.00 per hour for the rest of the state. In addition to this increase, recent amendments to the Labor Law provide further increases by $0.50 per year on January 1, 2025 and January 1, 2026. As required by Labor Law § 652(2), the Commissioner filed proposed regulations to amend existing wage orders. 

Read more in The Gold Book.

What's New? New NYS Check Cashing Law

Effective March 30, 2023 new Banking Law Section 9-Z requires New York State chartered financial institutions to cash certain checks drawn on the institution if certain conditions are met. Read more here in The Gold Book.

What's New? DFS Removes Mandatory Two-Week Absence Requirement

New York State Department of Financial Services (DFS) has provided new guidance effective immediately to update and replace guidance issued by the New York State Banking Department in 1996 addressing Vacation Policy as an Internal Control Safeguard. Read more under NYS Vacation Policy in the Human Resources chapter of The Gold Book

NY Hero Act

On March 17, 2022, the designation of COVID-19 as an airborne infectious disease that presents a serious risk of harm to the public health under the HERO Act ended. Private sector employers are no longer required to implement their workforce safety plans.

NYS Remote Notary Guidance

Effective 2/25/22, remote notarization is now authorized in New York State, per section 135-c of the executive law. Visit Department of State website for details.

What's New? NYC Wage Posting Requirements

Beginning May 15, employers in New York City will have to include in job postings the minimum and maximum salaries that the firm believes, in good faith, that it will pay. Read more under Posting Requirements for Labor Laws in the Human Resources chapter of The Gold Book.

What's New? NYS 2022 Minimum Wage Increase

The statewide $15 minimum wage was enacted as part of the 2016-17 State Budget. The plan takes the needs of workers and businesses alike into account. As of December 31, 2016, the first in a series of wage increases went into effect. Rates differ based on region and industry because the increases are calibrated to provide businesses ample time to adjust. Read more here in the Human Resources chapter of The Gold Book. 

Excluded Workers Fund (EWF) Prepaid Cards ATM Withdrawals Suspended

The NYS Division Of Labor has made a change to the implementation of the Excluded Workers Fund (EWF) prepaid cards, effective December 28, 2021. The DOL has suspended the option to withdraw cash from ATMs for cardholders with a remaining balance on their cards.

EWF cardholders have been notified that NYS DOL is committed to ensuring that the funds on  prepaid cards remain protected from fraudulent activity. And, out of an abundance of caution, effective December 28, 2021, the option to withdraw cash from an ATM for cardholders with a remaining balance on their prepaid card was suspended. Prepaid card may continue to be used to make purchases in-store and online where Visa debit is accepted. The only change is the ability to withdraw cash from an ATM.

If you have a remaining balance on your prepaid card and would like access to your funds in cash, you will have the option to make a free withdrawal in-person at most banks and credit unions accepting Visa debit. (See list of banks and credit unions: County List | City List)  Please note that you will need to present a photo ID and your Excluded Workers Fund prepaid card at the time of withdrawal to complete the transaction. The name on your identification must match the registered name on your Excluded Workers Fund prepaid card. Withdrawals are limited to one (1) transaction between $20 – $500 per 24-hour period and subject to the bank or credit union’s terms and conditions (which may include a smaller withdrawal limit or other requirements).

While we acknowledge that this is not an ideal situation, our top priority is protecting your funds. If you have any questions, please contact customer service at (833) 458-4262.

NYC Job Posting Salary Requirements

The New York City Council passed Intro.1208B-2018, which would require the disclosure by prospective employers of minimum and maximum salaries in job postings for open positions located in New York City. The salary disclosure provisions will take effect 120 days after the bill becomes law, with rules expected to be promulgated by the New York City Commission on Human Rights once enacted. 

What's New? The NY HERO Act

The New York State Department of Health has extended, until January 15, 2022, its designation of Covid-19 as a highly contagious communicable disease, thereby continuing the requirement that employers keep their health and safety plans activated pursuant to the NY Hero Act until at least that date. Visit The Gold Book to read more about the NY Hero Act and other NYS Covid-19 Relief topics.

NYS Electronic Notary

The NYBA is urging the Governor to approve a bill which would permanently authorize the use of electronic notarization in New York State.  Electronic notarization was previously authorized by the State on a temporary, emergency basis to help address challenges posed by the COVID-19 pandemic.  Expressing its strong support for the bill, NYBA noted that throughout the pandemic its member banks had successfully demonstrated the value of electronic notarization as a means to help ensure that vital financial services can be delivered safely and effectively.  The bill must either be signed or vetoed by the Governor no later than December 22, 2021. Read more here in The Gold Book.

What's New? NYS Paid Family Leave Extended to Siblings

The NYS Paid Family Leave Act of 2016 provides eligible employees job-protected and paid time off to care for new borns, adopted and foster children. Additionally, paid time off is provided to care for a family member with a serious health condition and to assist family members in helping spouses, domestic partners, children or parents deployed abroad on active military services. Effective October 2021, the definition of family member was expanded to include siblings. Read more in The Gold Book. 

What's New? NY HERO Act - UPDATE!

On September 6, 2021, Gov. Kathy Hochul announced that the commissioner of health designated COVID-19 as a highly contagious communicable disease that presents a serious risk of harm to the public health under New York State’s HERO Act. Employers must activate the infectious disease exposure prevention plans that were adopted in August 2021. Additionaly the deadline for distribution of the model safety plan is September 4, 2021. Find our more in The Gold Book, NY HERO Act. 

Regulatory Relief Following Hurricane Ida (NY & NJ)

The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of New Jersey and New York affected by remnants of Hurricane Ida.

• The FDIC is encouraging banks to work constructively with borrowers experiencing difficulties beyond their control because of damage caused by Hurricane Ida.
• Banks that extend repayment terms, restructure existing loans, or ease terms for new loans in a manner consistent with sound banking practices can contribute to the health of the local community and serve the long-term interests of the lending institution.
• Banks may receive favorable Community Reinvestment Act consideration for community development loans, investments, and services in support of disaster recovery.
• The FDIC also will consider regulatory relief from certain filing and publishing requirements.

A copy of the Guidance can be found on the FDIC’s website.

What's New? State Chartered Banks

Governor Andrew Cuomo signed into law a bill, passed in March, that requires New York state-chartered banks offering consumer checking accounts to pay checks in the order they are received, or from smallest to largest dollar amount for each business day's transactions. Under the new law, banks may dishonor a check for insufficient funds, but then must honor smaller checks within amounts on deposit in the subject account. Read more in The Gold Book. 

What's New? NY Hero Act Compliance Date Announced

By August 4, 2021, all New York employers with worksites (of any size) located in New York must either adopt the applicable Model Plan provided by the NY DOL, or establish an alternative plan that meets or exceeds the minimum provided by the model standard. If an employer develops its own plan or a different exposure plan, it must do so in accordance with a collective bargaining agreement, or if there is no collective bargaining representative, with the “meaningful participation” of employees. Read about the NY HERO Act in The Gold Book.