Hudson Valley FCU To Appeal Court Ruling

Poughkeepsie, N.Y.-based Hudson Valley FCU is appealing a court's dismissal of the credit union's challenge against the state's mortgage-recording tax (MRT), according to an Aug. 3 report in the Credit Union National Association's (CUNA) ‘News Now’ feature.

The credit union, citing the Federal Credit Union (FCU) Act, argues that it should be exempt from having to pay the MRT.

Last year, Hudson Valley FCU filed a lawsuit against the state's Department of Taxation and Finance, the department's commissioner and the State of New York, seeking a judgment forbidding the state to impose the MRT on credit union mortgages, CUNA reports. New York Supreme Court Justice Judith Gische dismissed the suit in May.

SOURCE: Credit Union National Association

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