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A09636 Summary:

BILL NOA09636A
 
SAME ASSAME AS S08147-B
 
SPONSORAnderson
 
COSPNSR
 
MLTSPNSR
 
Add §96-dd, amd §96-d, Bank L
 
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.
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A09636 Actions:

BILL NOA09636A
 
03/26/2024referred to banks
05/17/2024amend and recommit to banks
05/17/2024print number 9636a
05/22/2024reported referred to ways and means
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A09636 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A9636A
 
SPONSOR: Anderson
  TITLE OF BILL: 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   PURPOSE: This bill creates a banking development district working group to assess and provide recommendations and future goals for the banking development district program   SUMMARY OF SPECIFIC PROVISIONS: Section 1: Establishes the makeup of the banking development district working group and authorizes DFS to promulgate assessment fees on bank branches located in banking development districts. These assessment fees would finance the banking development district working group. Section 2-3: Relates to the number of unbanked and underbanked with a district and definitions Section 4: This act shall take effect immediately.   JUSTIFICATION: The Banking Development District Program was created in 1997. This program enables municipalities to offer certain incentives in order to encourage the establishment of bank branches in underserved areas. By establishing a branch in such a district, the bank would be eligible -at local and state option -- to receive municipal and state deposits at reduced rates, and to receive a partial exemption on municipal property taxes. This bill is necessary to ensure that Banking Development Districts are effectively serving the communities they aim to impact. The creation of a banking development district working group" would help to improve the current banking development districts as well as create new ones.   LEGISLATIVE HISTORY: (2023) A.6222A Anderson   FISCAL IMPLICATIONS: None   EFFECTIVE DATE: This act shall take effect immediately
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A09636 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         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.
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