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A05516 Summary:

BILL NOA05516
 
SAME ASSAME AS S06270
 
SPONSORHunter
 
COSPNSRWeprin, Burdick
 
MLTSPNSR
 
Amd §96-d, Bank L
 
Provides that a community which is underbanked shall be criteria for the establishment of banking development districts.
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A05516 Actions:

BILL NOA05516
 
03/15/2023referred to banks
03/22/2023reported
03/23/2023advanced to third reading cal.96
03/28/2023passed assembly
03/28/2023delivered to senate
03/28/2023REFERRED TO BANKS
05/31/2023SUBSTITUTED FOR S6270
05/31/20233RD READING CAL.1014
05/31/2023PASSED SENATE
05/31/2023RETURNED TO ASSEMBLY
10/13/2023delivered to governor
10/25/2023signed chap.555
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A05516 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A5516
 
SPONSOR: Hunter
  TITLE OF BILL: An act to amend the banking law, in relation to criteria for the estab- lishment of banking development districts   PURPOSE OR GENERAL IDEA OF BILL: Requires DFS to consider whether a community is unbanked or underbanked when establishing Banking Development Districts.   SUMMARY OF PROVISIONS: Section one: Requires DFS to consider whether a community is unbanked or underbanked when establishing Banking Development Districts, in addition to the existing below criteria: *the location, number, and proximity of sites where banking services are available within the district; *the identification of consumer needs for banking services within the district; *the economic viability and local credit needs of the communi- ty within the district; *the existing commercial development within the district; *the impact additional banking services would have on potential economic development in the district, and *such other criteria which the superintendent in his or her discretion shall identify as appropriate. Section two: This act shall take effect immediately.   JUSTIFICATION: The Banking Development District program, administered by DFS, is a program designed to encourage the establishment of banks in areas of New York State where there is a need for banking services. The amount of underbanked and unbanked individuals in a particular community is an indication of whether a community is in need of banking services. This bill requires DFS consider whether a community is considered unbanked or underbanked when establishing Banking Development Districts.   PRIOR LEGISLATIVE HISTORY: New bill.   FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS: None.   EFFECTIVE DATE: This act shall take effect immediately.
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A05516 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5516
 
                               2023-2024 Regular Sessions
 
                   IN ASSEMBLY
 
                                     March 15, 2023
                                       ___________
 
        Introduced by M. of A. HUNTER -- read once and referred 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
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