Bill Text: NY A05521 | 2023-2024 | General Assembly | Introduced

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Bill Title: Relates to minority depository institutions which apply to establish a home or branch office in an unbanked or underbanked community; provides that such institutions shall be entitled to receive deposits from the state comptroller and the commissioner of taxation and finance.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced) 2024-01-03 - referred to ways and means [A05521 Detail]

Download: New_York-2023-A05521-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          5521

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                     March 16, 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 minority depository
          institutions which apply to establish a home or branch  office  in  an
          unbanked or underbanked community

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

     1    Section 1. Subdivision 5 of section 96-d of the banking law is amended
     2  by adding a new paragraph (c) to read as follows:
     3    (c) A minority depository institution as defined by section 308 of the
     4  federal Financial Institution Reform, Recovery, and Enforcement  Act  of
     5  1989, which has a home or branch office in a community determined by the
     6  superintendent  to  be  unbanked or underbanked, shall be authorized and
     7  entitled to receive deposits from the state comptroller and the  commis-
     8  sioner  of  taxation  and  finance  in accordance with the provisions of
     9  section ninety-eight-a and section one hundred five of the state finance
    10  law, in addition to the municipal deposits provided herein.  The  amount
    11  of  such  deposits shall be determined jointly by the superintendent and
    12  the state comptroller.  Authorization pursuant to this  paragraph  shall
    13  run  concurrently with the term of the designation of a banking develop-
    14  ment district approved by the superintendent pursuant to subdivision two
    15  of this section and shall be  extended  to  run  concurrently  with  any
    16  extension of such designation by the superintendent pursuant to subdivi-
    17  sion two of this section.
    18    §  2.  This  act shall take effect immediately, provided, however, the
    19  amendments to subdivision 5 of section 96-d of the banking law  made  by
    20  section  one of this act shall not affect the repeal of such subdivision
    21  and shall be deemed repealed therewith.


         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10211-03-3