Bill Text: NY S06271 | 2023-2024 | General Assembly | Introduced

New York Senate Bill 6271

Introduced

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: Bipartisan Bill

Status: (Introduced) 2024-04-09 - REPORTED AND COMMITTED TO FINANCE [S06271 Detail]

Download: New_York-2023-S06271-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                          6271

                               2023-2024 Regular Sessions

                    IN SENATE

                                     April 11, 2023
                                       ___________

        Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
          printed to be committed 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