Bill Text: NY S06647 | 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 1-0)

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

Download: New_York-2023-S06647-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          6647

                               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

        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
        S. 6647                             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.