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A7952Assembly2019-2020 Session

Study Underbanked Communities

Official title

“Relates to directing the department of financial services to conduct a study on underbanked communities and households in New York state and to make recommendations to improve access to financial services”

Sponsor Felix OrtizAD-51Affects Finance
Status
In Assembly Committee
Banks
Impact
2/10
Minimal
Passage
0%

Bill progress

Step 2 of 7

In committee · Banks

What's happening

This bill directs the Department of Financial Services to study underbanked communities in New York and recommend ways to improve their access to financial services.

Why it matters

  1. Addresses economic inequality. by identifying where and why certain New York communities lack sufficient access to banking and financial services, which can perpetuate cycles of poverty and limit economic mobility.

  2. Informs future policy solutions. by requiring a detailed analysis of both the locations and demographics of underbanked populations, helping lawmakers target resources and interventions more effectively.

  3. Prioritizes timely action. with a mandate for the Department of Financial Services to deliver findings and recommendations within twelve months, increasing the potential for prompt legislative or regulatory responses.

  4. Defines a key issue. by officially recognizing and clarifying what it means to be “underbanked” in state law, which can influence how future programs and financial regulations are shaped.

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Who cares

Headline styles

Study Underbanked Communities

Plain English, a few words. Used as the page title.

Sponsors

Primary sponsor
Felix Ortiz

Assembly Member · Assembly District 51

No co-sponsors yet.

History

  1. Referred to banks
  2. Referred to banks

Full text

1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗

STATE OF NEW YORK

7952

2019-2020 Regular Sessions

IN ASSEMBLY

May 29, 2019

Introduced by M. of A. ORTIZ -- read once and referred to the Committee on Banks

AN ACT to direct the department of financial services to conduct a study on underbanked communities and households in New York state and to make recommendations to improve access to financial services

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. The superintendent of financial services is hereby authorized and directed to prepare or have prepared a study of underbanked communities and households in New York state and to provide recommendations to make financial services accessible to such communities and households. Such study shall include, but not be limited to, an analysis of the location and demographics of underbanked communities and households in New York state and the causes of underbanked communities and households in New York state.

§ 2. Such study and recommendations shall be completed and provided to the governor and the legislature within twelve months of the effective date of this act.

§ 3. As used in this act the term "underbanked" shall mean having insufficient access to financial institutions for the purpose of banking and investment services.

§ 4. This act shall take effect immediately.

EXPLANATION--Matter in italics (underscored) is new; matter in brackets

[ ] is old law to be omitted.

LBD11948-01-9

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.