Bill Text: NY A02059 | 2019-2020 | General Assembly | Introduced

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Bill Title: Relates to the creation of the office of financial services for new Americans for the purpose of assisting immigrant communities in gaining financial knowledge and understanding.

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Introduced - Dead) 2020-01-08 - referred to banks [A02059 Detail]

Download: New_York-2019-A02059-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          2059
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    January 22, 2019
                                       ___________
        Introduced  by M. of A. KIM, VANEL, SOLAGES, D'URSO, WEPRIN -- read once
          and referred to the Committee on Banks
        AN ACT to amend the banking law, in relation  to  the  creation  of  the
          office of financial services for new Americans
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. The banking law is amended by adding a new  section  46  to
     2  read as follows:
     3    §  46.  Office  of  financial  services for new Americans. 1. There is
     4  hereby  established  within  the  department  the  office  of  financial
     5  services  for  new Americans. The superintendent shall appoint the chief
     6  financial advisor for new Americans who shall appoint staff and  perform
     7  such  other  functions  to  ensure the efficient operation of the office
     8  within the amounts made available therefor by appropriation.
     9    2. The office of financial services for new Americans shall  have  the
    10  power and responsibility to:
    11    (a) develop and implement new programs and initiatives for the purpose
    12  of  assisting  immigrant  communities in gaining financial knowledge and
    13  understanding. Such programs  and  initiatives  shall  assist  immigrant
    14  communities in:
    15    (i) gaining financial literacy;
    16    (ii) navigating financial institutions;
    17    (iii) learning how to borrow, lend and invest money; and
    18    (iv) learning how to build credit;
    19    (b)  conduct workshops on financial topics and offer financial assist-
    20  ance and guidance to immigrant communities; and
    21    (c) advocate on behalf of immigrants in dealings with banks, financial
    22  institutions and credit bureaus.
    23    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03969-01-9