What's happening
This bill recognizes establishing a branch in a banking development district as a positive factor when assessing a bank’s community credit performance.
Why it matters
Encourages Banks to Serve Underserved Areas. By explicitly recognizing the opening of branches in banking development districts as a positive factor for community credit performance, the bill gives banks a concrete incentive to establish branches in areas that may have limited access to banking services.
Potential to Improve Financial Inclusion. The amendment could lead to increased access to financial services—such as loans, checking accounts, and credit counseling—for residents and businesses in development districts, which are often underserved or low-income communities.
Influences Bank Regulatory Ratings. Since a bank’s community credit performance rating can affect its ability to expand or merge, this change may motivate banks to prioritize community investment and outreach in their strategic planning.
Streamlines and Clarifies Existing Law. By repealing overlapping or redundant provisions from prior legislation, the bill aims to create a clearer and more effective legal framework for evaluating banks’ contributions to community development.
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
Credit for Bank Branches
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Signed chap.9
- Delivered to governor
- Returned to assembly
- Passed senateVote 46–16
- 3rd reading cal.86
- Substituted for S812
- Referred to rules
- Delivered to senate
- Passed assembly
- Ordered to third reading rules cal.8
- Rules report cal.8
- Reported
Show 2 earlier actions
- Reported referred to rules
- 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.
Credit for Local Bank Branches
Senate Floor Calendar · Sponsor James Sanders Jr.
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
421
2025-2026 Regular Sessions
IN ASSEMBLY (Prefiled)
January 8, 2025
Introduced by M. of A. ANDERSON -- read once and referred to the Committee on Banks
AN ACT to amend the banking law, in relation to including establishing a branch in a banking development district as a factor indicating that a banking institution is helping to meet the credit needs of its entire community for purposes of assessing such banking institution's performance; and to repeal certain provisions of such law relating thereto
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subparagraph 12 of paragraph (a) of subdivision 3 of section 28-b of the banking law, as amended by chapter 264 of the laws of 2019, is amended to read as follows:
(12) Other factors that, in the judgment of the superintendent, reasonably bear upon the extent to which a banking institution is helping to meet the credit needs of its entire community, including, without limitation, the banking institution's participation in credit counseling services or participation in a banking development district established pursuant to section ninety-six-d of this chapter by establishing a branch in such district.
§ 2. Subparagraph 10-a of paragraph (a) of subdivision 3 of section 28-b of the banking law as added by a chapter of the laws of 2024 amending the banking law relating to including participation in a banking development district as a factor when assessing a banking institution's record of performance, as proposed in legislative bills numbers S. 6648 and A. 6090, is REPEALED.
§ 3. This act shall take effect on the same date and in the same manner as a chapter of the laws of 2024 amending the banking law relating to including participation in a banking development district as a factor when assessing a banking institution's record of performance, as proposed in legislative bills numbers S. 6648 and A. 6090, takes effect.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02856-01-5
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.