Bill Text: NY S06647 | 2023-2024 | General Assembly | Amended

---

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 1-0)

Status: (Introduced) 2023-06-08 - SUBSTITUTED BY A6222A [S06647 Detail]

Download: New_York-2023-S06647-Amended.html

---

                STATE OF NEW YORK
        ________________________________________________________________________

                                         6647--A
            Cal. No. 1251

                               2023-2024 Regular Sessions

                    IN SENATE

                                       May 3, 2023
                                       ___________

        Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
          printed to be committed to the Committee on Banks -- reported  favora-
          bly  from  said committee, ordered to first and second report, ordered
          to a third reading, amended and ordered reprinted, retaining its place
          in the order of third reading

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

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10318-04-3
        S. 6647--A                          2

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