Bill Text: NY A05516 | 2023-2024 | General Assembly | Introduced

New York Assembly Bill 5516

Introduced

Bill Title: Provides that a community which is underbanked shall be criteria for the establishment of banking development districts.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Passed) 2023-10-25 - signed chap.555 [A05516 Detail]

Download: New_York-2023-A05516-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                          5516

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                     March 15, 2023
                                       ___________

        Introduced by M. of A. HUNTER -- read once and referred to the Committee
          on Banks

        AN  ACT to amend the banking law, in relation to criteria for the estab-
          lishment of banking development districts

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1. Subdivision 1 of section 96-d of the banking law, as added
     2  by chapter 204 of the laws of 1997, the opening paragraph as amended  by
     3  chapter 526 of the laws of 1998 and as further amended by section 104 of
     4  part A of chapter 62 of the laws of 2011, is amended to read as follows:
     5    1. There is hereby created a banking development district program, the
     6  purpose  of  which is to encourage the establishment of bank branches in
     7  geographic locations where there is  a  demonstrated  need  for  banking
     8  services.  The  superintendent of financial services shall, in consulta-
     9  tion with the department of economic development, promulgate  rules  and
    10  regulations,  after  public  hearing  and  comment,  which set forth the
    11  criteria for the establishment of banking  development  districts.  Such
    12  criteria shall include, but not be limited to, the following:
    13    (a)  the  location,  number,  and  proximity  of  sites  where banking
    14  services are available within the district;
    15    (b) the identification of consumer needs for banking  services  within
    16  the district;
    17    (c)  the  economic  viability  and local credit needs of the community
    18  within the district;
    19    (d) the existing commercial development within the district;
    20    (e) the impact additional banking services  would  have  on  potential
    21  economic development in the district; [and]
    22    (f)  whether  a  community is identified as unbanked or underbanked by
    23  the superintendent; and
    24    (g) such other  criteria  which  the  superintendent  in  his  or  her
    25  discretion shall identify as appropriate.
    26    § 2. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10210-01-3