Bill Text: NY S00575 | 2015-2016 | General Assembly | Amended

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Bill Title: Requires a study and report on banking products and services offered in low income communities.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2016-05-11 - REPORTED AND COMMITTED TO FINANCE [S00575 Detail]

Download: New_York-2015-S00575-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         575--A
                               2015-2016 Regular Sessions
                    IN SENATE
                                       (Prefiled)
                                     January 7, 2015
                                       ___________
        Introduced  by Sen. SQUADRON -- read twice and ordered printed, and when
          printed to be committed to the Committee on Banks  --  recommitted  to
          the  Committee  on  Banks  in accordance with Senate Rule 6, sec. 8 --
          committee discharged, bill amended, ordered reprinted as  amended  and
          recommitted to said committee
        AN  ACT  in relation to requiring a study and report on banking products
          and services offered in low  income  communities  and  the  impact  of
          traditional banks, credit unions and check casher services serving low
          income  communities;  and  providing for the repeal of such provisions
          upon expiration thereof
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section 1. 1. The superintendent of financial services shall study and
     2  issue a comprehensive report on banking products and services offered in
     3  low  income  communities  and  the  impact  of traditional banks, credit
     4  unions and check casher services serving low income communities.
     5    2. Such study and report carried out pursuant to  this  section  shall
     6  address the following issues:
     7    (a)  which products and services are offered in low income communities
     8  versus which products and services are offered in higher income communi-
     9  ties;
    10    (b) review of whether different fees are charged by financial  service
    11  providers  for  products  and  services in low income communities and in
    12  higher income communities, including but not limited to,  use  of  auto-
    13  mated  teller  machine  (ATM) fees, checking account fees, and overdraft
    14  fees;
    15    (c) review of whether  different  interest  rates  are  instituted  by
    16  financial  service  providers  for  products  and services in low income
    17  communities and in higher income communities, including but not  limited
    18  to, savings account interest rates and interest rates on loans;
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00184-02-6
        S. 575--A                           2
     1    (d)  the  impact  of  payday  loans within low income communities, the
     2  prevalence of such loans and the interest rates charged for such  loans,
     3  to  the extent such information is available to the department of finan-
     4  cial services; and
     5    (e)  an  analysis of the impact and current relevance of the state and
     6  federal community reinvestment act as it affects low income  communities
     7  and banking and financial services.
     8    3.  Such  report  shall  be  made  to the governor, the speaker of the
     9  assembly and the temporary president of the senate no later than January
    10  1, 2018.
    11    4. The superintendent  of  financial  services  may  request,  and  is
    12  authorized  to  receive, any information from any state agencies that is
    13  relevant and material to the completion of this study and  report.  Such
    14  information shall be subject to the same requirements for confidentiali-
    15  ty and limitations of use, if any, as are applicable to such state agen-
    16  cy's use of such information.
    17    §  2.  This  act shall take effect immediately and shall expire and be
    18  deemed repealed January 1, 2018.