What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
2 Co-sponsors
History
- Reported and committed to rules
- Print number 5521a
- Amend and recommit to banks
- Referred to banks
- 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.
Includes credit unions and federal credit unions within the definition of bank, trust company or national bank for purpose of banking development district program
Assembly Floor Calendar · Sponsor Annette Robinson
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 credit unions and federal credit unions within provisions regarding banking development district program
Purpose or general idea of bill
To include credit unions and federal credit unions within the definition of bank or trust company for the purpose of provisions regarding banking development districts.
Summary of specific provisions
Section 1. Amends subdivision 5 of section 96-d of the banking law, as added by chapter 526 of the laws of 1998, to include credit unions and federal credit unions in the definition of a bank, trust company, or national bank.
Section 2. Subdivision 2 of section 451 of the banking law, as added by chapter 608 of the laws of 1996, is amended to state that for the purposes of section 96-d of this chapter, the credit union may include in its membership any person or organization located within a local community, neighborhood or rural district where there is a demonstrated need for banking services as determined by the superintendent.
Section 3. Effective Date
Justification
Chapter 204 of the laws of 1997 authorized the creation of a banking development district program, which enables municipalities and New York State to offer certain economic incentives to encourage the establishment of commercial bank branches in areas where there is a demonstrated need for banking services. Chapter 526 of the laws of 1998 incorporated savings and loans into this program. This legislation includes credit unions within the economic development program.
Credit unions will be able to offer small business services, such as member business lending, similar to those currently offered by commercial banks and savings and loans. By enabling credit unions to participate in this program there will be more opportunities for municipalities to work with different types of banking institutions to encourage better banking services in developing areas.
Prior legislative history
A3134 of 2008-2009. A9352 of 2009-2010. A2549 of 2013-2014 (enacting clause stricken) A8693 of 2014
Fiscal implications
None to the State
Effective date
This act shall take effect January 1, 2018.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.