Bill Text: NY S08147 | 2023-2024 | General Assembly | Amended

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: (Engrossed) 2024-06-05 - referred to ways and means [S08147 Detail]

Download: New_York-2023-S08147-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         8147--A

                    IN SENATE

                                     January 9, 2024
                                       ___________

        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 and committed to the Committee on Finance --
          committee discharged, bill amended, ordered reprinted as  amended  and
          recommitted to said committee

        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 attorney general of the state of New York, or  the  attorney
    12  general's  designee,  the chair of the senate banks committee, the chair
    13  of the senate commerce, economic development and small business  commit-
    14  tee,  the  chair  of  the  assembly banks committee and the chair of the
    15  banking in underserved communities subcommittee.
    16    3. No later than one year after the effective date  of  this  section,
    17  the  working  group  shall provide an assessment of the current state of
    18  the banking development district program to the governor and the  legis-
    19  lature, including, but not limited to the following information:
    20    a.  the  number of participating banking development district branches
    21  and where such branches are located;
    22    b. ways the program is helping to serve the unbanked  and  underbanked
    23  as defined in subdivision one-a of section ninety-six-d of this article;
    24    c. the strengths and weaknesses of the program;

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10318-07-4
        S. 8147--A                          2

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