A10134 Summary:

BILL NOA10134
 
SAME ASSAME AS S09326
 
SPONSORRules (Bronson)
 
COSPNSRClark, Meeks, Lunsford, Septimo, Mamdani, Kim, Raga, Forrest, Fall
 
MLTSPNSR
 
Amd §2, add Art 3-C §§156 - 156-l, Bank L; amd §98, St Fin L
 
Establishes the bank of Rochester, including provisions related to definitions; sponsors and corporate structure; powers and restrictions; governance; charter requirements; financial and operations frameworks; transparency and financial reporting; insurance; deposits; policy mandates; ethics and financial disclosure; inconsistency with other laws; and owners not to be considered bank holding companies.
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A10134 Actions:

BILL NOA10134
 
05/08/2024referred to banks
05/22/2024reported referred to codes
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A10134 Committee Votes:

BANKS Chair:Hunter DATE:05/22/2024AYE/NAY:19/8 Action: Favorable refer to committee Codes
HunterAyeCurranNay
WeprinAyeMikulinNay
Jean-PierreAyeSmullenNay
SeawrightAyeFitzpatrickExcused
DickensExcusedLemondesNay
VanelAyeDiPietroNay
TaylorAyeJensenNay
SternExcusedChangNay
SayeghAyeFloodNay
BurkeAye
ButtenschonAye
AndersonAye
MitaynesAye
SeptimoAye
TapiaAye
De Los SantosAye
CunninghamAye
LeeAye
RagaAye
BurdickAye
DaisAye

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A10134 Floor Votes:

There are no votes for this bill in this legislative session.
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A10134 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          10134
 
                   IN ASSEMBLY
 
                                       May 8, 2024
                                       ___________
 
        Introduced  by COMMITTEE ON RULES -- (at request of M. of A. Bronson) --
          read once and referred to the Committee on Banks
 
        AN ACT to amend the banking law and the state finance law,  in  relation
          to enacting the "bank of Rochester act"
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Short title. This act shall be known and may  be  cited  as
     2  the "bank of Rochester act".
     3    §  2.  Legislative intent. 1. It is the intent of the legislature that
     4  this act (i) authorizes the city of Rochester to form  and  control  the
     5  bank  of Rochester, and loan or grant public funds or lend public credit
     6  to the bank of Rochester for  the  public  purposes  of  achieving  cost
     7  savings,  strengthening  local  economies, supporting community economic
     8  development, and addressing infrastructure and housing needs for locali-
     9  ties; and (ii) codifies the common law interpretation of  the  constitu-
    10  tion  of  the state of New York that cities, counties, and other munici-
    11  palities may own a not-for-profit corporation and lend or grant money to
    12  such not-for-profit corporation, so long as such actions are pursuant to
    13  public purposes.
    14    2. It is also the intent of the legislature that the bank of Rochester
    15  shall partner with local financial institutions, such as credit  unions,
    16  CDFIs,  and  local  community  banks,  and  shall not compete with local
    17  financial institutions or commercial banks.
    18    § 3. Subdivisions 1 and 11 of section 2 of the banking  law,  subdivi-
    19  sion  1 as amended by chapter 684 of the laws of 1938 and subdivision 11
    20  as amended by chapter 154 of the laws of 2007, are amended  to  read  as
    21  follows:
    22    1. Bank. The term, "bank," when used in this chapter, unless a differ-
    23  ent  meaning appears from the context, means any corporation, other than
    24  a trust company, organized under or subject to the provisions of article
    25  three  or three-C of this chapter.
    26    11. Banking organizations. The  term,  "banking  organizations,"  when
    27  used  in  this  chapter,  means and includes all banks, trust companies,
    28  private bankers, savings banks, safe deposit companies, savings and loan
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13828-02-4

        A. 10134                            2
 
     1  associations, credit unions, banks organized under  article  three-C  of
     2  this chapter and investment companies.
     3    § 4. The banking law is amended by adding a new article 3-C to read as
     4  follows:
     5                                 ARTICLE 3-C
     6                              BANK OF ROCHESTER
     7  Section 156.   Definitions.
     8          156-a. Sponsors and corporate structure.
     9          156-b. Powers and restrictions.
    10          156-c. Bank of Rochester governance.
    11          156-d. Bank of Rochester charter requirements.
    12          156-e. Financial and operations framework.
    13          156-f. Transparency and financial reporting.
    14          156-g. Insurance and rehabilitation.
    15          156-h. Deposits.
    16          156-i. Policy mandate.
    17          156-j. Ethics and financial disclosure.
    18          156-k. Inconsistency with other laws.
    19          156-l. Owners not to be considered bank holding companies.
    20    §  156.  Definitions.  For the purposes of this article, the following
    21  terms shall have the following meanings:
    22    1. "Affiliate" shall mean:
    23    (a) any member of the immediate family of a member  of  the  board  of
    24  directors,  including parents, siblings, spouses and children (including
    25  those by adoption), any other person who lives in  such  member  of  the
    26  board  of directors' household, and any legal representative or guardian
    27  of a family member of such member of the board of directors;
    28    (b) any trust whose primary beneficiary is a member of  the  board  of
    29  directors,  or  one or more members of such immediate family and/or such
    30  member of the board of directors' lineal descendants; or
    31    (c) another person that, directly or indirectly through  one  or  more
    32  intermediaries,  controls,  or  is  controlled  by,  or  is under common
    33  control with a member of the board of directors.  For  the  purposes  of
    34  this  paragraph,  the  term "control" shall mean possession, directly or
    35  indirectly, of the power to direct or cause the direction of  management
    36  or  policies, whether through ownership of securities or any partnership
    37  or other ownership interest, by contract or otherwise, of a person. Such
    38  control shall be presumed to exist where a person owns a ten percent  or
    39  greater ownership interest in another person.
    40    2.  "Bank  of  Rochester  charter  application documents" shall mean a
    41  business plan and application to  be  submitted  to  the  department  of
    42  financial  services  pursuant to section one hundred fifty-six-d of this
    43  article for the purpose of chartering the bank of Rochester.
    44    3. "Community bank" shall mean any locally owned and managed independ-
    45  ent banking institution with no national presence,  primarily  operating
    46  within  a  limited  geographic  area,  typically a local community. Such
    47  banks shall emphasize serving the unique financial needs  of  the  local
    48  community,  including  accepting deposits, extending loans, and offering
    49  financial services to such community.  Additionally,  such  banks  shall
    50  foster  strong  community  relationships  and contribute to the economic
    51  development of the specific geographic area in which they are situated.
    52    4. "Commercial bank" shall mean any for-profit  financial  institution
    53  engaged in the commercial banking business, including but not limited to
    54  a  banking  institution, trust company, private banker, national banking
    55  association, or any banking corporation organized under federal  law  or
    56  the  laws  of  any  state  of  the  United States. Commercial banks also

        A. 10134                            3
 
     1  include any corporation organized under the laws of any foreign  country
     2  and  engaged  in the commercial banking business that maintains a branch
     3  or agency licensed by any state of the United States or  comptroller  of
     4  currency.
     5    5.  "Community  banking experience" shall mean current or past employ-
     6  ment experience as an officer, director or executive, or current or past
     7  employment experience in a senior leadership role  at  (a)  a  community
     8  development  financial  institution  that  is a credit union, loan fund,
     9  minority depository institution, union-controlled bank or locally  based
    10  community  bank;  or  (b) a credit union, loan fund, minority depository
    11  institution, union-controlled bank or locally based community bank  that
    12  otherwise  serves low-income, rural or other underserved or economically
    13  distressed communities.
    14    6. "Community development financial institution" or "CDFI" shall  mean
    15  an  entity  that  has been certified as meeting the eligibility require-
    16  ments of section 1805.201 of title 12  of  the  code  of  federal  regu-
    17  lations.
    18    7. "Credit union" shall have the same meaning as ascribed to such term
    19  by subdivision nine of section two of the banking law.
    20    8.  "Deposit" shall mean the placing of money with the bank of Roches-
    21  ter to be withdrawn upon the depositor's demand or under the  rules  and
    22  regulations agreed upon between the bank of Rochester and the depositor.
    23    9.  "Independent" shall mean, with respect to a member of the board of
    24  directors, advisory board, officers of the bank of Rochester,  an  indi-
    25  vidual who:
    26    (a)  at  the time of his or her appointment to the board of directors,
    27  or the advisory board, is not a holder of any public office  within  the
    28  sponsor; and
    29    (b)  within the past five years has not been a holder of public office
    30  within such sponsor.
    31    10. "Local agency banking" shall mean (i) accepting a deposit  of  any
    32  kind  from a local agency within the county of Monroe or (ii) granting a
    33  loan or extension of credit of any kind to a  local  agency  within  the
    34  county of Monroe.
    35    11.  "Local  agency"  shall  have the same meaning as ascribed to such
    36  term by subdivision twelve of section eight hundred ten of  the  general
    37  municipal law.
    38    12.  "Local  financial institution" shall mean a community development
    39  financial institution that is (a) a credit union,  loan  fund,  minority
    40  depository institution, union-controlled bank or locally based community
    41  bank; or (b) a credit union, loan fund, minority depository institution,
    42  union-controlled  bank  or  community bank that otherwise serves low-in-
    43  come, rural or other underserved or economically distressed communities.
    44    13. "Local elected official" shall mean any officer elected to a posi-
    45  tion within a county, city, town, village, school district  or  district
    46  corporation,  or  any agency, department, division, board, commission or
    47  bureau thereof; provided, that, such term shall not include any judge or
    48  justice of a court.
    49    14. "Officer" refers to an individual holding a managerial  or  execu-
    50  tive  position  within the bank of Rochester and managing its day-to-day
    51  operations, including roles  such  as  chief  executive  officer,  chief
    52  financial officer, or chief operations officer.
    53    15. "Participation lending" shall mean purchasing or selling an inter-
    54  est  in a loan or loans originated by or sold to a community bank, CDFI,
    55  or credit union, or originating, leading, or  directing  a  loan  trans-

        A. 10134                            4
 
     1  action  involving  a  local  financial institution pursuant to a written
     2  agreement with the local financial institution.
     3    16.  "Policy mandate" shall mean a written declaration of an organiza-
     4  tion's core public purpose. Policy  mandates  should  remain  relatively
     5  unchanged  over time, separate and identify priorities if there are more
     6  than one, identify desired outcomes, and communicate the  entire  organ-
     7  ization's intended direction. Policy mandates could advance worker coop-
     8  eratives,  community  land  trusts,  low-income  and affordable housing,
     9  renewable energy, infrastructure development,  small  businesses,  small
    10  farms,  minority- and women-owned business enterprises, students in need
    11  of low-cost education financing or refinancing student loan  debts,  and
    12  other initiatives that serve a public purpose.
    13    17.  "Public  funds"  shall  mean  funds from any government entity or
    14  subdivision thereof.
    15    18. "Retail banking"  shall  mean  providing  financial  products  and
    16  services  to  individuals  for  household,  family,  and  other personal
    17  expenditures.  These products and services include savings and  checking
    18  accounts,  consumer  loans, credit cards, auto loans, student loans, and
    19  loans to individuals secured by  their  personal  residences,  including
    20  first mortgage, home equity, and home improvement loans.
    21    19. "Sponsor" shall mean the city of Rochester.
    22    20.  "Wholesale  lending"  shall  mean granting a loan or extension of
    23  credit to a local financial institution or local agency.
    24    § 156-a. Sponsors and corporate structure. The bank  of  Rochester  is
    25  hereby  established as a not-for-profit corporation that shall be formed
    26  and owned solely by the city of Rochester and subject  to  the  not-for-
    27  profit corporation law.
    28    §  156-b. Powers and restrictions. 1. The bank of Rochester shall have
    29  all the rights and powers conferred by articles  three  and  fifteen  of
    30  this  chapter,  which  must be exercised in a manner consistent with its
    31  policy mandate as described in section one hundred fifty-six-i  of  this
    32  article.  Such powers shall include the following:
    33    (a) Incorporating with the secretary of state;
    34    (b) Chartering with the superintendent;
    35    (c) Accepting deposits and appropriations from local agencies;
    36    (d) Accepting deposits and appropriations from the county of Monroe;
    37    (e) Accepting deposits and appropriations from the state of New York;
    38    (f) Accepting deposits or appropriations from the federal government;
    39    (g) Selling bonds;
    40    (h) Purchasing stocks or bonds of local financial institutions;
    41    (i) Issuing letters of credit;
    42    (j) Engaging in local agency banking;
    43    (k) Engaging in infrastructure lending;
    44    (l) Engaging in wholesale lending; and
    45    (m) Engaging in participation lending.
    46    2.  Notwithstanding  the  provisions  of articles three and fifteen of
    47  this chapter, the bank of Rochester shall be restricted from the follow-
    48  ing:
    49    (a) Competing with commercial banks or local financial institutions;
    50    (b) Engaging in direct commercial lending;
    51    (c) Engaging in retail banking; and
    52    (d) Participating in equity markets.
    53    § 156-c. Bank of Rochester governance. 1. The bank of Rochester  shall
    54  be  governed  by  a  board of directors. Such board shall be composed of
    55  nine voting directors and four  non-voting  directors.    All  directors
    56  shall  serve  a  term of four years.  The mayor of the city of Rochester

        A. 10134                            5
 
     1  shall appoint one of their four appointees as chair. Each director shall
     2  live within the jurisdictional boundaries of the county of Monroe and at
     3  least five shall live within the jurisdictional boundaries of  the  city
     4  of Rochester. Upon a majority vote, the board of directors shall appoint
     5  officers.  Such  board  shall  set  policy  for  the  bank of Rochester,
     6  provided that neither the board nor any directors shall be  involved  in
     7  the  day-to-day  operations  of the bank of Rochester. Decisions made by
     8  such board shall be consistent with the policy mandate as  described  in
     9  section one hundred fifty-six-i of this article.
    10    2.  The board of directors shall adopt governing bylaws and procedures
    11  as required by the not-for-profit corporation law.  Notwithstanding  any
    12  conflicting  provisions  in the not-for-profit corporation law, in addi-
    13  tion to the requirements  established  by  such  article,  the  bank  of
    14  Rochester board of directors shall hold meetings on a monthly basis.
    15    3. (a) The nine voting members shall be appointed as follows:
    16    (i)  The  mayor  of  the  city  of Rochester shall appoint four voting
    17  directors. At least two of such  voting  members  shall  have  community
    18  banking  experience,  and  at  least two of such voting members shall be
    19  independent;
    20    (ii) The director of the city of Rochester office  of  management  and
    21  budget  or  their  representative shall serve as one voting director. If
    22  the director of the city of Rochester office of  management  and  budget
    23  ceases  to hold such position, their successor shall serve as or appoint
    24  a replacement voting director;
    25    (iii) The president of the Rochester city council  shall  appoint  two
    26  voting directors. At least one such voting director shall have community
    27  banking experience, and one such voting director shall be independent;
    28    (iv)  The president of the Monroe county legislature shall appoint one
    29  voting director with experience in ethics; and
    30    (v) The county executive of Monroe county  shall  appoint  one  voting
    31  director who is a county officer or employee.
    32    (b) The four non-voting directors shall be appointed as follows:
    33    (i)  The  mayor  of the city of Rochester shall appoint one non-voting
    34  director with experience in economic development and urban planning;
    35    (ii) The president of the Rochester city  council  shall  appoint  one
    36  non-voting  director upon the recommendation of a community-based organ-
    37  ization chosen by such president;
    38    (iii) The president of the Rochester city council  shall  appoint  one
    39  non-voting  director upon the recommendation of an advocacy organization
    40  chosen by such president, provided  that  such  advocacy  organization's
    41  mission shall align with the bank of Rochester's policy mandate pursuant
    42  to  section  one hundred fifty-six-i of this article, and the parties or
    43  projects that such advocacy organization represents shall be of the type
    44  prioritized by the bank of Rochester's underwriting and financial  poli-
    45  cies  as  reflected  in section one hundred fifty-six-i of this article;
    46  and
    47    (iv) The president of the Monroe county legislature shall appoint  one
    48  non-voting  director  upon the recommendation of a labor organization or
    49  union chosen by such president, provided that such labor organization or
    50  union represents construction workers who would be performing the neces-
    51  sary labor to carry out the bank of Rochester's mandate.
    52    4. The bank of Rochester shall form an advisory board.
    53    (a) The advisory board shall be composed  of  no  fewer  than  fifteen
    54  members,  and each member shall be subject to majority vote by the board
    55  of directors prior to appointment. The board of directors will determine
    56  the initial advisory board membership, the terms of its members, and the

        A. 10134                            6
 
     1  method for replacing its members, provided that a majority of the  advi-
     2  sory  board  is  made up of independent members who are not governmental
     3  appointees. Any advisory board member shall live  within  the  jurisdic-
     4  tional boundaries of the county of Monroe.
     5    (b) The advisory board shall provide advice and carry out other duties
     6  including, but not limited to, the following:
     7    (i)  provide  input  to  the  board of directors regarding how to best
     8  advance its policy mandate as described in section  one  hundred  fifty-
     9  six-i of this article;
    10    (ii)  ensure that the board of directors follows strict ethical stand-
    11  ards as determined by the sponsor in the bank of  Rochester's  governing
    12  bylaws  and  procedures, through the creation and enactment of a code of
    13  conduct governing the board of directors' management;
    14    (iii) ensure that the bank of Rochester's  operations  are  consistent
    15  with  social  equity  principles, including racial, gender, and environ-
    16  mental justice;
    17    (iv) provide technical advice as needed.
    18    (c) Any member appointed to a term on the advisory  board  shall  have
    19  experience  in one or more of the following areas: economic development,
    20  community banking, credit union banking, CDFI banking, finance, account-
    21  ing,  urban   or   regional   planning,   engineering,   infrastructure,
    22  construction, public policy, public administration, business management,
    23  law,  ethics,  land  use,  management  of  large capital projects, labor
    24  relations, human rights and fair lending, community  advocacy,  or  have
    25  experience  in some other area of activity central to the policy mandate
    26  of the bank of Rochester.
    27    (d) Any action required or permitted by this chapter to  be  taken  by
    28  the  board  of directors or advisory board may be taken at a duly called
    29  meeting of such board in accordance  with  its  governing  documents  or
    30  without  a meeting if the action taken is evidenced by one or more writ-
    31  ten consents describing the action taken and signed by  each  member  of
    32  the board of directors.
    33    §  156-d.  Bank  of  Rochester  charter  requirements.  1. The bank of
    34  Rochester shall be chartered by the superintendent pursuant  to  article
    35  fifteen of this chapter.
    36    2.  Notwithstanding  any  conflicting provisions in article fifteen of
    37  this chapter, in addition to the information required by  such  article,
    38  the  bank  of Rochester charter application documents shall additionally
    39  demonstrate the following:
    40    (a) the policy mandate of the proposed bank of Rochester is consistent
    41  with the purposes and guidelines set forth  under  section  one  hundred
    42  fifty-six-i of this article;
    43    (b)  minimum initial capitalization is no less than ten percent of the
    44  bank of Rochester's projected lending total for the first year of opera-
    45  tion after receipt of its charter;
    46    (c) adequate reserves  and  liquidity  exist  to  cover  the  bank  of
    47  Rochester's  obligations  relating  to deposit withdrawals and defaulted
    48  loans;
    49    (d) the qualifications of the proposed directors;
    50    (e) the qualifications of the proposed  chief  executive  officer  and
    51  management team;
    52    (f) an organizational chart;
    53    (g)  policies  and  procedures  prohibiting any member on the board of
    54  directors, or affiliates of such members, from receiving a loan or other
    55  financial benefit from the bank of Rochester;
    56    (h) procedures for obtaining fidelity insurance;

        A. 10134                            7
 
     1    (i) sufficient internal audits and controls;
     2    (j)  a  pro  forma financial statement projecting assets, liabilities,
     3  income and expenses for no less than a three-year period;
     4    (k) no material negative impact of the bank of Rochester on the  spon-
     5  sor's financial condition;
     6    (l)  a  plan  to  comply  with the community reinvestment act and fair
     7  lending requirements, pursuant to section two  hundred  ninety-six-a  of
     8  the executive law;
     9    (m) a certificate of incorporation;
    10    (n)  a  narrative  business plan describing the banking services to be
    11  provided; and
    12    (o) such other information as the superintendent may require.
    13    § 156-e. Financial and operations framework. 1. The bank of  Rochester
    14  may raise capital through:
    15    (a)  the  receipt  and  leverage  of  public deposits from the city of
    16  Rochester, county of Monroe or any local agency thereof,  the  state  of
    17  New York, and the federal government;
    18    (b)  equity contributions from the city of Rochester, county of Monroe
    19  or any local agency thereof, the state of  New  York,  and  the  federal
    20  government;
    21    (c)  the  sale of debt securities and other obligations to the city of
    22  Rochester, county of Monroe or any local agency thereof,  the  state  of
    23  New York, and the federal government; and
    24    (d)  the  sale  of  debt  securities  and  other  obligations to third
    25  parties.
    26    2. The bank of Rochester shall be exempt  from  all  forms  of  taxes,
    27  including  but  not  limited  to  state, county, and municipal taxes and
    28  licenses, of any kind, including income, capital gain, real  estate  and
    29  mortgage recording taxes.
    30    3.  The  bank of Rochester shall not be sold to or merged with another
    31  entity unless such entity has a public bank  charter  and  the  sale  or
    32  merger has been approved by the superintendent.
    33    §  156-f. Transparency and financial reporting. 1. The bank of Roches-
    34  ter shall, on or before the first day of February of each  year,  submit
    35  to the governor, the state legislature, the mayor of the city of Roches-
    36  ter,  the  Rochester  city  council,  and  the  Monroe  county council a
    37  detailed report setting forth its  operations  and  fiscal  transactions
    38  during  the  preceding  calendar  year with a statement of its financial
    39  condition as of the end of such year and a statement of all receipts and
    40  expenditures during such year.
    41    2. The bank of Rochester advisory board shall include in  such  annual
    42  report  an evaluation of the bank of Rochester's performance in relation
    43  to its policy mandate, its ethical standards, and its  financial  sound-
    44  ness.  It shall produce such evaluation in collaboration with non-voting
    45  directors.
    46    § 156-g. Insurance and rehabilitation. Deposits of public  funds  made
    47  to  the  bank  of  Rochester from any governmental entity or subdivision
    48  thereof shall be guaranteed by the state of New York, provided  however,
    49  that  the  superintendent shall have the authority to take possession of
    50  the bank of Rochester pursuant to section six hundred six of this  chap-
    51  ter.
    52    §  156-h.  Deposits.  1.  The board of directors shall develop a plan,
    53  subject to approval by the advisory board, to accept and  manage  depos-
    54  its.
    55    2.  The bank of Rochester may accept deposits but shall be exempt from
    56  the requirements of section ten of the general municipal law.

        A. 10134                            8
 
     1    3. The comptroller and chief financial officer of the city of  Roches-
     2  ter  and  county of Monroe, respectively, shall be authorized to deposit
     3  public funds in the  bank  of  Rochester,  provided  that  the  bank  of
     4  Rochester's  business  plan  permits the respective comptroller or chief
     5  financial officer to meet the short or intermediate-term liquidity needs
     6  of the sponsor.
     7    §  156-i.  Policy  mandate. The board of directors shall establish the
     8  bank of Rochester's policy mandate, subject to approval by the mayor  of
     9  the  city  of Rochester and the president of the Rochester city council.
    10  The overall underwriting and financial policies of the bank of Rochester
    11  shall maximize and prioritize loans to advance its policy mandate.
    12    § 156-j. Ethics and financial disclosure. 1. Every member of the board
    13  of directors and advisory board and every officer of the bank of Roches-
    14  ter shall submit an  annual  financial  disclosure  form,  on  the  form
    15  described  in subdivision three of section seventy-three-a of the public
    16  officer's law, or on a substantially equivalent form, to  the  Rochester
    17  office of public integrity. Such form shall be prescribed by the Roches-
    18  ter office of public integrity and provided to the bank of Rochester.
    19    2.  Notwithstanding  any  conflicting provision in this article to the
    20  contrary, every board of directors member, advisory  board  member,  and
    21  officer  shall  adhere  to  the ethical standards established in section
    22  seventy-four of the public officers law.
    23    § 156-k. Inconsistency with other laws. The bank  of  Rochester  shall
    24  comply  with  all  requirements  of this chapter, the financial services
    25  law, the state finance law, the local finance law, the general municipal
    26  law,  the  not-for-profit  corporation  law,  and  all  other   relevant
    27  provisions  of  state or local law, except to the extent that a require-
    28  ment of any of those laws is inconsistent with a provision of this arti-
    29  cle, in which case the provisions of this article shall prevail.
    30    § 156-l. Owners not to be considered bank holding companies.  For  the
    31  purposes  of  section one hundred forty-one of this chapter, the sponsor
    32  of the bank of Rochester shall not be considered a bank holding  company
    33  by reason of that ownership interest.
    34    §  5.  Section  98 of the state finance law is amended by adding a new
    35  subdivision 7-a to read as follows:
    36    7-a. Commercial paper, debt securities, bonds, notes, or  other  obli-
    37  gations  of  the bank of Rochester, as established by article three-C of
    38  the banking law.
    39    § 6. This act shall take effect immediately.
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