What's happening
This bill creates an Office of Financial Services for New Americans to help immigrants with financial literacy, guidance, and advocacy.
Why it matters
Addresses a critical gap in financial inclusion. by providing targeted support to immigrants, who often face unique barriers—such as language, unfamiliarity with U.S. banking, or lack of credit history—that can hinder their economic participation.
Empowers immigrant communities through education and advocacy. , helping them avoid predatory financial products, better manage their money, and build credit, which can directly impact their ability to secure housing, employment, and small business loans.
Institutionalizes ongoing support. by creating a dedicated office and staff within the state’s banking department, signaling long-term commitment and ensuring immigrant financial concerns are consistently represented and addressed at the state level.
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Who cares
Headline styles
Help Immigrants With Finances
Plain English, a few words. Used as the page title.
Sponsors
Assembly Member · Assembly District 40
History
- Referred to banks
- Referred to banks
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
8794
2017-2018 Regular Sessions
IN ASSEMBLY
November 27, 2017
Introduced by M. of A. KIM, VANEL, SOLAGES, D'URSO -- read once and referred to the Committee on Banks
AN ACT to amend the banking law, in relation to the creation of the office of financial services for new Americans
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The banking law is amended by adding a new section 46 to read as follows:
§ 46. Office of financial services for new Americans. 1. There is hereby established within the department the office of financial services for new Americans. The superintendent shall appoint the chief financial advisor for new Americans who shall appoint staff and perform such other functions to ensure the efficient operation of the office within the amounts made available therefor by appropriation.
2. The office of financial services for new Americans shall have the power and responsibility to:
(a) develop and implement new programs and initiatives for the purpose of assisting immigrant communities in gaining financial knowledge and understanding. Such programs and initiatives shall assist immigrant communities in:
(i) gaining financial literacy;
(ii) navigating financial institutions;
(iii) learning how to borrow, lend and invest money; and
(iv) learning how to build credit;
(b) conduct workshops on financial topics and offer financial assistance and guidance to immigrant communities; and
(c) advocate on behalf of immigrants in dealings with banks, financial institutions and credit bureaus.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13770-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.