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History
- Referred to banks
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.
Relates to banking development districts; requires renewal of certain branches within banking development districts
Assembly Floor Calendar · Sponsor Annette Robinson
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6692
Title of bill
An act to amend the banking law, in relation to banking development districts
Purpose or general idea of bill
This bill would strengthen the Banking Development District (BDD) program by clarifying the goals of the program and the criteria by which a branch's effectiveness should be measured.
Summary of specific provisions
This bill amends Section 96-d (6) of the Banking Law by adding new subdivisions (a) and (b).
Subdivision (a) would require BDD branch's to provide affordable products and services, which include financial educational services within their community, and Subdivision (b), would require participating BDD branch's to meet certain criteria in order to qualify for renewal of their deposit.
Justification
The Banking Development District (BDD) Program was created in 1997 to provide an incentive to banks to promote the establishment of new bank branches in communities with. no or few branches and thereby stimulate the opening of bank accounts by community residents. The incentive of public deposits and other benefits provided to those banks that open a BDD branch in underserved communities is to better ensure that the new branch will have sufficient deposits to provide loans and other services.
The Banking Department conducted a study of the BDD Program that was published in 2010 which identified "next steps" to be taken to improve the program based on feedback collected from the banks, community groups and other stakeholders involved in the BDD Program. This bill is based on the results of that study as well as on a Roundtable held by the Assembly Banks Committee in October 2011 on the BDD Program. While the BDD Program has been very effective, both the Banking Department study and the Assembly Roundtable identified several features of the Program where legislative clarification would be appropriate. Specifically, the findings included a need to clarify the goals of the program; provide standards by which renewals of deposits could better be measured: and, require branches participating in the program to provide financial education to members of the district in which it is located. This bill seeks to address those findings.
Prior legislative history
New bill.
Fiscal implications for state and local governments
None to the State
Effective date
This act shall take effect on the ninetieth day after is shall have become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.