Bill Text: NY S00575 | 2015-2016 | General Assembly | Amended
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-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 575--A 2015-2016 Regular Sessions IN SENATE (Prefiled) January 7, 2015 ___________ Introduced by Sen. SQUADRON -- read twice and ordered printed, and when printed to be committed to the Committee on Banks -- recommitted to the Committee on Banks in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee 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; EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD00184-02-6S. 575--A 2 1 (d) the impact of payday loans within low income communities, the 2 prevalence of such loans and the interest rates charged for such loans, 3 to the extent such information is available to the department of finan- 4 cial services; and 5 (e) an analysis of the impact and current relevance of the state and 6 federal community reinvestment act as it affects low income communities 7 and banking and financial services. 8 3. Such report shall be made to the governor, the speaker of the 9 assembly and the temporary president of the senate no later than January 10 1, 2018. 11 4. The superintendent of financial services may request, and is 12 authorized to receive, any information from any state agencies that is 13 relevant and material to the completion of this study and report. Such 14 information shall be subject to the same requirements for confidentiali- 15 ty and limitations of use, if any, as are applicable to such state agen- 16 cy's use of such information. 17 § 2. This act shall take effect immediately and shall expire and be 18 deemed repealed January 1, 2018.
