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
Helps bridge critical financial knowledge gaps. for immigrants, enabling them to better understand and participate in the U.S. financial system, which can reduce vulnerability to fraud or predatory lending.
Empowers immigrants to build credit and financial stability. , which is essential for securing housing, starting businesses, or accessing education—key steps toward long-term integration and economic success.
Provides advocacy and direct support. in interactions with banks and credit bureaus, potentially reducing systemic barriers and discrimination that immigrants often face when accessing financial services.
Creates a centralized, dedicated resource. within state government, signaling a commitment to immigrant inclusion and potentially inspiring similar initiatives in other states or sectors.
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Who cares
Headline styles
Help New Americans With Money
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
2059
2019-2020 Regular Sessions
IN ASSEMBLY
January 22, 2019
Introduced by M. of A. KIM, VANEL, SOLAGES, D'URSO, WEPRIN -- 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.
LBD03969-01-9
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.