Creates a banking development district working group to assess the banking development district program and provide an annual report to the governor and legislature on the strengths and weaknesses of such program; defines unbanked and underbanked.
STATE OF NEW YORK
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9636--A
IN ASSEMBLY
March 26, 2024
___________
Introduced by M. of A. ANDERSON -- read once and referred to the Commit-
tee on Banks -- committee discharged, bill amended, ordered reprinted
as amended and recommitted to said committee
AN ACT to amend the banking law, in relation to creating a banking
development district working group; and providing for the repeal of
such provisions upon expiration thereof
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The banking law is amended by adding a new section 96-dd to
2 read as follows:
3 § 96-dd. Banking development district working group. 1. A banking
4 development district working group is hereby established to assess and
5 provide recommendations and future goals for the banking development
6 district program created under section ninety-six-d of this article.
7 The superintendent shall impose an assessment on bank branches located
8 within banking development districts to cover all costs associated with
9 this work group.
10 2. The banking district working group shall include the following
11 individuals or their representatives, the superintendent, the state
12 comptroller, the New York city comptroller, the commissioner of the New
13 York city department of finance, the commissioner of empire state devel-
14 opment, the chair of the senate banks committee, the chair of the senate
15 commerce, economic development and small business committee, the chair
16 of the assembly banks committee and the chair of the banking in under-
17 served communities subcommittee.
18 3. No later than one year after the effective date of this section,
19 the working group shall provide an assessment of the current state of
20 the banking development district program to the governor and the legis-
21 lature, including, but not limited to the following information:
22 a. the number of participating banking development district branches
23 and where such branches are located;
24 b. ways the program is helping to serve the unbanked and underbanked
25 as defined in subdivision one-a of section ninety-six-d of this article;
26 c. the strengths and weaknesses of the program; and
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10318-08-4
A. 9636--A 2
1 d. necessary measures that should be taken to build upon the strengths
2 of the program and eliminate identified weaknesses.
3 4. Annually thereafter, such working group shall continue to provide
4 an assessment of the banking development district program to the gover-
5 nor and the legislature. Along with the information required under
6 subdivision three of this section, such assessment shall provide future
7 goals for the program that shall be incorporated in the upcoming year to
8 continue strengthening such program.
9 § 2. Subdivision 1 of section 96-d of the banking law is amended by
10 adding a new paragraph (b-1) to read as follows:
11 (b-1) the numbers of unbanked and underbanked individuals within the
12 district;
13 § 3. Section 96-d of the banking law is amended by adding a new subdi-
14 vision 1-a to read as follows:
15 1-a. For the purposes of this section, the following terms shall have
16 the following meanings:
17 a. "unbanked" shall mean an individual not served by an insured insti-
18 tution in any capacity; and
19 b. "underbanked" shall mean an individual with an account at an
20 insured institution but who has obtained alternative, nonbank, financial
21 services in the past twelve months.
22 § 4. This act shall take effect immediately and shall expire and be
23 deemed repealed 2 years after such date.
