Bill Text: NY S06270 | 2023-2024 | General Assembly | Introduced

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Bill Title: Provides that a community which is underbanked shall be criteria for the establishment of banking development districts.

Spectrum: Bipartisan Bill

Status: (Introduced) 2023-05-31 - SUBSTITUTED BY A5516 [S06270 Detail]

Download: New_York-2023-S06270-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          6270

                               2023-2024 Regular Sessions

                    IN SENATE

                                     April 11, 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 criteria for the  estab-
          lishment of banking development districts

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

     1    Section 1. Subdivision 1 of section 96-d of the banking law, as  added
     2  by  chapter 204 of the laws of 1997, the opening paragraph as amended by
     3  chapter 526 of the laws of 1998 and as further amended by section 104 of
     4  part A of chapter 62 of the laws of 2011, is amended to read as follows:
     5    1. There is hereby created a banking development district program, the
     6  purpose of which is to encourage the establishment of bank  branches  in
     7  geographic  locations  where  there  is  a demonstrated need for banking
     8  services. The superintendent of financial services shall,  in  consulta-
     9  tion  with  the department of economic development, promulgate rules and
    10  regulations, after public hearing  and  comment,  which  set  forth  the
    11  criteria  for  the  establishment of banking development districts. Such
    12  criteria shall include, but not be limited to, the following:
    13    (a) the  location,  number,  and  proximity  of  sites  where  banking
    14  services are available within the district;
    15    (b)  the  identification of consumer needs for banking services within
    16  the district;
    17    (c) the economic viability and local credit  needs  of  the  community
    18  within the district;
    19    (d) the existing commercial development within the district;
    20    (e)  the  impact  additional  banking services would have on potential
    21  economic development in the district; [and]
    22    (f) whether a community is identified as unbanked  or  underbanked  by
    23  the superintendent; and
    24    (g)  such  other  criteria  which  the  superintendent  in  his or her
    25  discretion shall identify as appropriate.
    26    § 2. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10210-01-3