Bill Text: NY A02017 | 2021-2022 | General Assembly | Introduced

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Bill Title: Enacts the "New York state federal worker banking assistance act" to require the superintendent of financial services to take into account efforts of banking institutions to modify terms on existing loans, extend new loans with low- to no-interest rates, or the waiving of fees to help furloughed federal employees during a shutdown when assessing the record of such institutions.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-01-05 - referred to banks [A02017 Detail]

Download: New_York-2021-A02017-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          2017

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                    January 14, 2021
                                       ___________

        Introduced  by M. of A. REYES -- read once and referred to the Committee
          on Banks

        AN ACT to amend the banking law, in relation to enacting the  "New  York
          state federal worker banking assistance act"

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Short title. This act shall be known and may  be  cited  as
     2  the "New York state federal worker banking assistance act".
     3    §  2.  Subdivision  3 of section 28-b of the banking law is amended by
     4  adding a new paragraph (e) to read as follows:
     5    (e) (i)  In  assessing  and  taking  into  account,  pursuant  to  the
     6  provisions  of paragraph (a) of this subdivision, the record of perform-
     7  ance of a banking institution the superintendent shall  consider,  as  a
     8  factor, efforts of the financial institution to modify terms on existing
     9  loans,  extend  new loans with low- to no-interest rates, or the waiving
    10  of fees to help covered employees, if such modification or extension  is
    11  done in a safe and sound manner.
    12    (ii)  The  superintendent  shall  issue  guidance with respect to this
    13  paragraph not later than the end of a  seven-day  period  following  any
    14  lapse in discretionary appropriations by the federal government.
    15    (iii)  For  purposes  of  this  paragraph, the term "covered employee"
    16  means:
    17    (1) a federal or District of Columbia employee furloughed or  excepted
    18  from  such  furlough during any lapse in discretionary appropriations by
    19  the federal government; and
    20    (2) a federal contractor who, during any lapse in discretionary appro-
    21  priations by the federal government, is not receiving pay by  reason  of
    22  such lapse.
    23    § 3. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00073-01-1