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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6647--A
Cal. No. 1251
2023-2024 Regular Sessions
IN SENATE
May 3, 2023
___________
Introduced by Sen. SANDERS -- read twice and ordered printed, and when
printed to be committed to the Committee on Banks -- reported favora-
bly from said committee, ordered to first and second report, ordered
to a third reading, amended and ordered reprinted, retaining its place
in the order of third reading
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 2. The banking district working group shall include the following
8 individuals or their representatives, the superintendent, the state
9 comptroller, the New York city comptroller, the commissioner of the New
10 York city department of finance, the commissioner of empire state devel-
11 opment, the chair of the senate banks committee, the chair of the senate
12 commerce, economic development and small business committee, the chair
13 of the assembly banks committee and the chair of the banking in under-
14 served communities subcommittee.
15 3. No later than one year after the effective date of this section,
16 the working group shall provide an assessment of the current state of
17 the banking development district program to the governor and the legis-
18 lature, including, but not limited to the following information:
19 a. the number of participating banking development district branches
20 and where such branches are located;
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10318-04-3
S. 6647--A 2
1 b. ways the program is helping to serve the unbanked and underbanked
2 as defined in subdivision one-a of section ninety-six-d of this article;
3 c. the strengths and weaknesses of the program;
4 d. necessary measures that should be taken to build upon the strengths
5 of the program and eliminate identified weaknesses.
6 4. Annually thereafter, such working group shall continue to provide
7 an assessment of the banking development district program to the gover-
8 nor and the legislature. Along with the information required under
9 subdivision three of this section, such assessment shall provide future
10 goals for the program that shall be incorporated in the upcoming year to
11 continue strengthening such program.
12 § 2. Subdivision 1 of section 96-d of the banking law is amended by
13 adding a new paragraph (b-1) to read as follows:
14 (b-1) the numbers of unbanked and underbanked individuals within the
15 district;
16 § 3. Section 96-d of the banking law is amended by adding a new subdi-
17 vision 1-a to read as follows:
18 1-a. For the purposes of this section, the following terms shall have
19 the following meanings:
20 a. "unbanked" shall mean an individual not served by an insured insti-
21 tution in any capacity; and
22 b. "underbanked" shall mean an individual with an account at an
23 insured institution but who has obtained alternative, nonbank, financial
24 services in the past twelve months.
25 § 4. This act shall take effect immediately and shall expire and be
26 deemed repealed 2 years after such date.
