S08199 Summary:
| BILL NO | S08199 |
| SAME AS | SAME AS A08705 |
| SPONSOR | SANDERS |
| COSPNSR | |
| MLTSPNSR | |
| Directs the department of financial services to conduct a study on the banking development district program and to make recommendations to improve such program. | |
S08199 Text:
Go to topSTATE OF NEW YORK ________________________________________________________________________ 8199 2025-2026 Regular Sessions IN SENATE May 20, 2025 ___________ Introduced by Sen. SANDERS -- read twice and ordered printed, and when printed to be committed to the Committee on Banks AN ACT to direct the department of financial services to conduct a study on the banking development district program and to make recommenda- tions to improve such program The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The superintendent of financial services is hereby author- 2 ized and directed to prepare or have prepared a study of the banking 3 development district program and to provide recommendations to improve 4 this program for the purpose of making financial services accessible to 5 unbanked and underbanked communities and households. Such study shall 6 include, but not be limited to: 7 1. analysis of the location and demographics of underbanked communi- 8 ties and households in New York state and the causes of underbanked 9 communities and households in New York state; 10 2. review of the banking development district program listing all the 11 participating financial institutions and their local economic impact, 12 including number of loans and customers; and 13 3. recommendations on how it could be improved and increase the number 14 of participating financial institutions. 15 § 2. Such study and recommendations shall be completed and provided to 16 the governor and the legislature within twelve months of the effective 17 date of this act. 18 § 3. As used in this act the term "underbanked" shall mean having 19 insufficient access to financial institutions for the purpose of banking 20 and investment services. 21 § 4. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD13168-01-5