What's happening
This bill extends the expiration date of certain banking law provisions, allowing state banks to exercise federal banking powers until 2024.
Why it matters
Continues parity between state and federal banks. By extending the expiration date, New York ensures its state-chartered banks and credit unions can keep exercising powers and privileges that federal institutions receive, such as new products, services, and operational flexibility.
Prevents regulatory disruption. Without this extension, certain banking powers would automatically expire, potentially forcing state banks and credit unions to roll back activities or lose competitiveness, which could destabilize their operations and customer offerings.
Signals ongoing evaluation. The use of a new sunset date (2024) rather than making these powers permanent suggests lawmakers intend to keep reviewing whether state-chartered institutions should continue to match federal powers, allowing for adjustments in response to future changes in the banking landscape.
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
Extend Bank Powers Deadline
Plain English, a few words. Used as the page title.
Sponsors
1 Co-sponsor
1 Multi-sponsor
History
- Signed chap.217
- Delivered to governor
- Returned to assembly
- Passed senateVote 61–0
- 3rd reading cal.900
- Substituted for S5411
- Referred to rules
- Delivered to senate
- Passed assembly
- Advanced to third reading cal.562
- Reported
- 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.
Extend State Bank Powers
Senate Floor Calendar · Sponsor James Sanders Jr.
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
7604
2019-2020 Regular Sessions
IN ASSEMBLY
May 13, 2019
Introduced by M. of A. BUTTENSCHON -- read once and referred to the Committee on Banks
AN ACT to amend chapter 3 of the laws of 1997, amending the banking law and the insurance law relating to authorizing the banking board to permit banks and trust companies to exercise the rights of national banks, in relation to the effectiveness of certain… Show allHide
AN ACT to amend chapter 3 of the laws of 1997, amending the banking law and the insurance law relating to authorizing the banking board to permit banks and trust companies to exercise the rights of national banks, in relation to the effectiveness of certain provisions of such chapter; and to amend chapter 322 of the laws of 2007, amending the banking law relating to the power of banks, private bankers, trust companies, savings banks, savings and loan associations, credit unions and foreign banking corporations to exercise the rights of national banks, federal savings associations, federal credit unions and federal branches and agencies of foreign banks, in relation to the effectiveness of certain provisions of such chapter
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 7 of chapter 3 of the laws of 1997, amending the banking law and the insurance law relating to authorizing the banking board to permit banks and trust companies to exercise the rights of national banks, as amended by chapter 113 of the laws of 2014, is amended to read as follows:
§ 7. This act shall take effect immediately provided that section two of this act shall take effect on the thirtieth day after it shall have become a law and shall apply to violations prescribed in section 44 of the banking law that occur on or after such date; and provided further that sections one, three, four and five shall expire and be deemed repealed September 10, [2019] 2024; and provided further that any rules and regulations promulgated pursuant to sections one, three, four and five shall remain in full force and effect on and after such expiration date and shall not be affected by such expiration date.
§ 2. Section 6 of chapter 322 of the laws of 2007, amending the banking law relating to the power of banks, private bankers, trust compa-
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11355-01-9
A. 7604 2
nies, savings banks, savings and loan associations, credit unions and foreign banking corporations to exercise the rights of national banks, federal savings associations, federal credit unions and federal branches and agencies of foreign banks, as amended by chapter 113 of the laws of 2014, is amended to read as follows:
§ 6. This act shall take effect immediately; provided, however that sections one, two, three and four of this act shall take effect September 1, 2007; and provided further that sections one, two, three and four of this act shall expire and be deemed repealed September 10, [2019] 2024; and provided further that any federally permitted powers approved under section three of this act shall remain in full force and effect on and after such repeal date and shall not be affected by such repeal.
§ 3. This act shall take effect immediately.
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.