Bill Text: NY A06222 | 2023-2024 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Creates a banking development district working group to assess the banking development district program and provide an annual report to the governor and legislature on the strengths and weaknesses of such program; defines unbanked and underbanked.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Vetoed) 2023-11-17 - tabled [A06222 Detail]

Download: New_York-2023-A06222-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          6222

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                      April 3, 2023
                                       ___________

        Introduced by M. of A. ANDERSON -- read once and referred to the Commit-
          tee on Banks

        AN  ACT  to  amend  the  banking  law, in relation to creating a banking
          development district working group

          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 96-dd to
     2  read as follows:
     3    §  96-dd.  Banking  development  district  working group. 1. A banking
     4  development district working group is hereby established to  assess  and
     5  provide  recommendations  and  future  goals for the banking development
     6  district program created under section ninety-six-d of this article.
     7    2. The banking district working  group  shall  include  the  following
     8  individuals  or  their  representatives,  the  superintendent, the state
     9  comptroller, the New York city comptroller, the commissioner of the  New
    10  York city department of finance, the commissioner of empire state devel-
    11  opment, the chair of the senate banks committee, the chair of the senate
    12  commerce,  economic  development and small business committee, the chair
    13  of the assembly banks committee and the chair of the banking  in  under-
    14  served communities subcommittee.
    15    3.  No  later  than one year after the effective date of this section,
    16  the working group shall provide an assessment of the  current  state  of
    17  the  banking development district program to the governor and the legis-
    18  lature, including, but not limited to the following information:
    19    a. the number of participating banking development  district  branches
    20  and where such branches are located;
    21    b.  ways  the program is helping to serve the unbanked and underbanked
    22  as defined in subdivision one-a of section ninety-six-d of this article;
    23    c. the strengths and weaknesses of the program;
    24    d. necessary measures that should be taken to build upon the strengths
    25  of the program and eliminate identified weaknesses.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10318-02-3
        A. 6222                             2

     1    4. Annually thereafter, such working group shall continue  to  provide
     2  an  assessment of the banking development district program to the gover-
     3  nor and the legislature.  Along  with  the  information  required  under
     4  subdivision  three of this section, such assessment shall provide future
     5  goals for the program that shall be incorporated in the upcoming year to
     6  continue strengthening such program.
     7    §  2.  Subdivision  1 of section 96-d of the banking law is amended by
     8  adding a new paragraph (b-1) to read as follows:
     9    (b-1) the numbers of unbanked and underbanked individuals  within  the
    10  district;
    11    § 3. Section 96-d of the banking law is amended by adding a new subdi-
    12  vision 1-a to read as follows:
    13    1-a.  For the purposes of this section, the following terms shall have
    14  the following meanings:
    15    a. "unbanked" shall mean an individual not served by an insured insti-
    16  tution in any capacity; and
    17    b. "underbanked" shall mean  an  individual  with  an  account  at  an
    18  insured institution but who has obtained alternative, nonbank, financial
    19  services in the past twelve months.
    20    § 4. This act shall take effect immediately.