What's happening
This bill requires state-chartered banks and credit unions in New York to offer extended hours on one weeknight and on Saturdays.
Why it matters
Increases access to banking for working people. By requiring state-chartered banks and credit unions to stay open later one night each week and on Saturdays, the bill aims to make in-person banking more accessible for customers who work standard business hours and can't visit during the regular 9-to-5 window.
Addresses financial inclusion. Extended hours could particularly benefit low-income and underbanked individuals who may lack reliable internet access for online banking or need in-person assistance for more complex transactions.
Potential operational challenges and costs. Banks and credit unions may face increased staffing and operational expenses as a result of the mandate, which could impact their business models, especially for smaller institutions with limited resources.
Could spur competitive changes in banking sector. By setting a minimum standard for availability, the law may push even federally chartered or out-of-state banks to follow suit to remain competitive and retain local customers.
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Who cares
Headline styles
Extend Bank Hours Statewide
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to banks
- Referred to banks
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2460
2017-2018 Regular Sessions
IN SENATE
January 13, 2017
Introduced by Sen. HAMILTON -- read twice and ordered printed, and when printed to be committed to the Committee on Banks
AN ACT to amend the banking law, in relation to hours of state chartered banks
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. This act shall be known and may be cited as the "banking services availability act of 2017".
§ 2. The banking law is amended by adding a new section 46 to read as follows:
§ 46. Banking services availability. Any bank or credit union operating in this state under a state charter shall make its in-person services available to consumers by 1. having business hours until seven p.m. on one weeknight of each week; and 2. having at least five operating business hours each Saturday.
§ 3. This act shall take effect on the one hundred eightieth day after it shall have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD00735-02-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the banking law, in relation to hours of state chartered banks
Purpose
This bill would require any state charted bank or credit union shall make in-person banking services available to consumer by having business hours until seven pm one weeknight per week and have at least five operating business hours each Saturday.
Summary of specific provisions
Section 1: Legislative naming,
Section 2: Bill Language Section 3: Effective Date
Existing law
No current law dealing with minimum in person banking hours.
Justification
This bill requires extended hours to seven pm once per week and a minimum of five hours on Saturdays. Today people are working longer and different shifts than twenty years ago making it harder to visit during traditional banking hours. By making the services available hopefully people will be able to advantage of in-person banking and credit services.
Legislative history
S. 6218 of the 2015/16 Legislative Session
Fiscal implications
None to the State
Local fiscal implications
None
Effective date
This act shall take effect on the one hundred eightieth day after it shall become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.