|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Nov 13, 2013||
|Nov 01, 2013||
delivered to governor
|Jun 17, 2013||
returned to senate
ordered to third reading rules cal.210
substituted for a3236
|Apr 16, 2013||
referred to banks
delivered to assembly
|Mar 24, 2013||
advanced to third reading
|Mar 21, 2013||
2nd report cal.
|Mar 20, 2013||
1st report cal.269
|Feb 12, 2013||
reported and committed to finance
|Jan 17, 2013||
referred to banks
senate Bill S2494Signed By Governor
Relates to the maximum amount of funds which the state comptroller and the commissioner of taxation and finance may deposit
Archive: Last Bill Status - Signed by Governor
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed by Governor
view actions (14)
Apr 16, 2013 - floor VoteS2494610floor61Aye0Nay0Absent2Excused0Abstained
show floor vote details
Floor Vote: Apr 16, 2013aye (61)
Mar 20, 2013 - Finance committee VoteS2494331committee33Aye1Nay3Aye with Reservations0Absent0Excused0Abstained
show Finance committee vote details
Finance Committee Vote: Mar 20, 2013aye (33)nay (1)
Feb 12, 2013 - Banks committee VoteS2494180committee18Aye0Nay0Aye with Reservations0Absent0Excused0Abstained
- show floor vote details
S2494 - Bill Details
S2494 - Bill Texts
Relates to the maximum amount of funds which the state comptroller and the commissioner of taxation and finance may deposit and the maximum amount of funds on deposit at a community banking institution.
view sponsor memo
TITLE OF BILL: An act to amend the banking law, in relation to the
community bank deposit program
PURPOSE: To permit participating banks to expand their usage of the
community bank deposit program.
SUMMARY OF PROVISIONS: This bill amends subdivision 2 of section 87
of the Banking Law to cap the amount of funds which an individual bank
may have on deposit to $20 million.
JUSTIFICATION: The community bank deposit program seeks to encourage
the State Comptroller and the Commissioner of Taxation and Finance to
consider placing State funds into local banks. This program recognizes
that local banks are well-positioned to use their deposits to support
economic activities in their communities. This bill seeks to expand
the program to ensure additional availability of funds.
By encouraging the placement of State deposits in local banks, this
program creates an opportunity for New York State to help stimulate
local economic development. Currently, much of the State's funds may
be placed in brokerage firms or in large banking institutions, many of
which may be head quartered in another state. In either of those
cases, the economic benefits of the State deposits may flow out of the
state, and the resulting local economic benefit can be minimal.
In contrast, deposits in local community banks can have a significant
impact within that particular community. The placement of state
deposits would help enable these community banking institutions to
meet the economic needs of their local communities. Because many small
communities are home to small state and national banks, expanding the
program would be of benefit to the economies of these small
California has had a successful program for a number of years in which
the State broadly deposits its funds into a large number of financial
institutions and local communities. The intent of New York's law is to
encourage the State to consider a similar approach by placing more of
its funds in local community banks. While the Comptroller and the
Commissioner are not required to make such deposits, they are
encouraged to consider the benefits of such an approach. This would
enhance the ability of small local banks to support the economies of
their communities by making commercial loans to local businesses.
LEGISLATIVE HISTORY: 2011-12 S. 4927a Passed Senate/A. 8147a - Banks
FISCAL IMPLICATIONS: This bill would have only a minimal fiscal
impact, depending on the rate of return received on any deposits
placed under this program.
EFFECTIVE DATE: Immediate.
view full text
S T A T E O F N E W Y O R K ________________________________________________________________________ 2494 2013-2014 Regular Sessions I N S E N A T E January 17, 2013 ___________ Introduced by Sen. GRIFFO -- 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 the community bank deposit program THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 2 of section 87 of the banking law, as amended by chapter 274 of the laws of 2007, is amended to read as follows: 2. The maximum amount of funds which the state comptroller and the commissioner of taxation and finance may deposit under this program shall not exceed two hundred fifty million dollars each. THE MAXIMUM AMOUNT OF FUNDS ON DEPOSIT AT A COMMUNITY BANKING INSTITUTION SHALL NOT EXCEED TWENTY MILLION DOLLARS. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07267-01-3
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