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Sponsors
1 Co-sponsor
History
- Signed chap.551
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.473
- Substituted for A6312C
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 32–29
- Amended on third reading 4291c
- Amended on third reading 4291b
- Amended on third reading 4291a
Show 6 earlier actions
- Advanced to third reading
- 2nd report cal.
- 1st report cal.518
- Notice of committee consideration - requested
- Referred to finance
- Referred to finance
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Prohibits comptroller from establishing an account in a banking institution with a CRA rating of less than satisfactory
Assembly Floor Calendar · Sponsor Brian Kavanagh
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4291C
Title of bill
An act to amend the state finance law, in relation to funds of the state
Purpose
This bill would prohibit the comptroller from establishing an account in a banking institution with a Community Reinvestment Act rating of less than satisfactory.
Summary of provisions
Section 1 of the bill law amends Section 106 of the state finance law to specify that notwithstanding any other provision of Section 106, the comptroller shall not designate for the deposit of moneys by state officers, state institutions and charitable and benevolent institutions supported in whole or in part by the state a banking institution to which the Community Reinvestment Act of 1977, United States P.L. 95-128, applies unless such institution has received a record of performance no lower than satisfactory.
Section 2 of the bill specifies the effective date.
Justification
Many low-and moderate-income neighborhoods deposit funds at local institutions only to have banks invest these funds outside the community, diminishing economic opportunity. In recognition of this concern, the Community Reinvestment Act of 1977 was enacted to encourage banks to reinvest some of these funds back into the communities from which they originated. The CRA does this by rating financial institutions on how well they comply with the terms of the act. This bill would further enhance CRA compliance by directing the comptroller to withdraw state funds from, or not deposit state funds in, those banks that do not receive a CRA rating of satisfactory or better.
Legislative history
2001: A02460 (Lafayette) - Ways & Means 2002: A02460 (Lafayette) - Rules 2003: A02171 (Lafayette) - Third Reading 2004: A02171 (Lafayette) - Rules 2005: A05915 (Lafayette) - Third Reading 2006: A05915 (Lafayette) - Third Reading 2007: A00099 (Lafayette) - Third Reading 2008: A00099 (Lafayette) - Third Reading 2009: A06312 (Kavanagh) - Ways & Means; S.4291 (Parker) - Finance
Fiscal impact on the state
Negligible.
Effective date
This act shall take effect on the one hundred eightieth day after it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.