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Sponsors
2 Co-sponsors
History
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- Referred to banks
- Referred to banks
Companion bill
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Provides for the inclusion of low income credit unions in the banking development district program in N.Y. city
In Assembly Committee · Banks · Sponsor Brian Kavanagh
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the banking law, in relation to including low income credit unions in the banking development district program
Purpose of bill
To include low-income credit unions in the state's banking development districts program in cities with a population of one million or more.
Summary of provisions
Section 1 amends Section 96-d of the banking law to include low-income credit unions as defined in state law or by the National Credit Union Association in the banking development districts program in the City of New York.
Section 2 provides the effective date.
Justification
Section 96-d of the Banking Law, entitled "Banking Development Districts" (BDD's) is designed to increase access to banking services by supporting branches in areas where there is a demonstrated need for such services. In this way, the program aims to enable local residents and small business owners to easily become a part of the financial mainstream, promote economic development by enhancing access to capital for local businesses.
Section 96-d currently allows state and national banks, trust companies, savings banks, savings and loan associations, and federal savings banks to participate in the program, but omits credit unions. By adding state low-income credit unions (already defined in section 450-a of the banking law), and any federal credit union designated as low income by the National Credit Union Administration, to the BDD program, this bill will help them to continue their historic work of providing affordable financial services to consumers who might otherwise have difficulty accessing these services. This bill will not require support of any particular low-income credit union by any state or municipal agency, but will merely allow state and federal low-income credit unions to be considered for such support, on par with other types of financial institutions already included in the BDD program.
Legislative history
2014-2013: S194/A1118 - Referred to Banks 2012-2011: S34/A5932 - Referred to Banks 2010-2009: S5279/A238 - Advanced to Third Reading Senate/Referred to Banks 2007-2008: A8883 - Referred to Banks (Kavanagh)
Effective date
This act shall take effect immediately, provided, however, that the amendments subdivision 5 of sections 96-d of the banking law made by section one of this act shall not affect the repeal of such subdivision and shall be deemed to be repealed therewith.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.