Bill Text: NY S00575 | 2015-2016 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Requires a study and report on banking products and services offered in low income communities.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2016-05-11 - REPORTED AND COMMITTED TO FINANCE [S00575 Detail]

Download: New_York-2015-S00575-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                          575
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                      (PREFILED)
                                    January 7, 2015
                                      ___________
       Introduced  by Sen. SQUADRON -- read twice and ordered printed, and when
         printed to be committed to the Committee on Banks
       AN ACT in relation to requiring a study and report on  banking  products
         and  services  offered  in  low  income  communities and the impact of
         traditional banks, credit unions and check casher services serving low
         income communities; 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. 1. The superintendent of financial services shall study and
    2  issue a comprehensive report on banking products and services offered in
    3  low income communities and  the  impact  of  traditional  banks,  credit
    4  unions and check casher services serving low income communities.
    5    2.  Such  study  and report carried out pursuant to this section shall
    6  address the following issues:
    7    (a) which products and services are offered in low income  communities
    8  versus which products and services are offered in higher income communi-
    9  ties;
   10    (b)  review of whether different fees are charged by financial service
   11  providers for products and services in low  income  communities  and  in
   12  higher  income  communities,  including but not limited to, use of auto-
   13  mated teller machine (ATM) fees, checking account  fees,  and  overdraft
   14  fees;
   15    (c)  review  of  whether  different  interest  rates are instituted by
   16  financial service providers for products  and  services  in  low  income
   17  communities  and in higher income communities, including but not limited
   18  to, savings account interest rates and interest rates on loans;
   19    (d) the impact of payday loans  within  low  income  communities,  the
   20  prevalence  of such loans and the interest rates charged for such loans,
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD00184-01-5
       S. 575                              2
    1  to the extent such information is available to the department of  finan-
    2  cial services; and
    3    (e)  an  analysis of the impact and current relevance of the state and
    4  federal community reinvestment act as it affects low income  communities
    5  and banking and financial services.
    6    3.  Such  report  shall  be  made  to the governor, the speaker of the
    7  assembly and the temporary president of the senate no later than January
    8  1, 2017.
    9    4. The superintendent  of  financial  services  may  request,  and  is
   10  authorized  to  receive, any information from any state agencies that is
   11  relevant and material to the completion of this study and  report.  Such
   12  information shall be subject to the same requirements for confidentiali-
   13  ty and limitations of use, if any, as are applicable to such state agen-
   14  cy's use of such information.
   15    S  2.  This  act shall take effect immediately and shall expire and be
   16  deemed repealed January 1, 2017.