Directs the department of financial services to conduct a study on the impacts of the coronavirus (COVID-19) pandemic on underbanked and underserved areas and small businesses and minority- and women-owned business enterprises getting loans.
STATE OF NEW YORK
________________________________________________________________________
7324--A
2021-2022 Regular Sessions
IN ASSEMBLY
May 5, 2021
___________
Introduced by M. of A. ANDERSON -- read once and referred to the Commit-
tee on Governmental Operations -- reference changed to the Committee
on Banks -- committee discharged, bill amended, ordered reprinted as
amended and recommitted to said committee
AN ACT directing the department of financial services to conduct a study
on certain impacts of the coronavirus (COVID-19) pandemic
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. 1. The department of financial services in consultation
2 with the empire state development corporation shall conduct a study on
3 the financial impact of the coronavirus (COVID-19) pandemic on the
4 following:
5 (a) underbanked and underserved areas;
6 (b) small businesses, as defined by section 131 of the economic devel-
7 opment law, obtaining loans and other credit instruments; and
8 (c) minority- and women-owned business enterprises, as defined by
9 subdivisions 7 and 15 of section 310 of the executive law, obtaining
10 loans and other credit instruments.
11 2. The study shall also examine topics including, but not limited to:
12 (a) the ability of individuals in underbanked and underserved areas to
13 receive, access, and use their stimulus payments;
14 (b) closures or changes to hours, staffing levels, or services in
15 banks in underbanked or underserved areas;
16 (c) the number of small businesses applying for loans; the number of
17 small businesses receiving approval for such loans; and the amount of
18 money such small businesses have received in loans;
19 (d) the number of minority- and women-owned business enterprises
20 applying for loans; the number of minority- and women-owned business
21 enterprises receiving approval for such loans; and the amount of money
22 such minority- and women-owned business enterprises have received in
23 loans;
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10718-04-1
A. 7324--A 2
1 (e) the types of loans that small businesses and minority- and women-
2 owned business enterprises are applying for and the types of loans such
3 businesses are being approved for; and
4 (f) the impact, if any, on small businesses and minority- and women-
5 owned business enterprises due to an inability to access or receive
6 loans.
7 3. The department of financial services in consultation with the
8 empire state development corporation shall analyze service to under-
9 banked and underserved areas, small businesses and minority- and women-
10 owned business enterprises and provide recommendations to ensure access
11 to services.
12 4. The superintendent of financial services shall submit the results
13 of such study and all recommendations to the governor, the temporary
14 president of the senate, and the speaker of the assembly, and publish
15 such results and recommendations on the department of financial services
16 website no later than one year after the effective date of this section.
17 § 2. This act shall take effect immediately.
