Senate Bill S4659B

2013-2014 Legislative Session

Requires a study and report on banking products and services offered in low income communities

download bill text pdf

Archive: Last Bill Status - In Senate Committee Banks Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Feb 21, 2014	print number 4659b
Feb 21, 2014	amend and recommit to banks
Jan 08, 2014	referred to banks
May 30, 2013	print number 4659a
May 30, 2013	amend and recommit to banks
Apr 17, 2013	referred to banks

Bill Amendments

Original

B (Active)

2013-S4659 - Details

See Assembly Version of this Bill:: A5175
Current Committee:: Senate Banks
Law Section:: Banks
Versions Introduced in 2015-2016 Legislative Session:: S575, A5980

2013-S4659 - Summary

Requires a study and report on banking products and services offered in low income communities.

2013-S4659 - Sponsor Memo

                                BILL NUMBER:S4659

TITLE OF BILL:  An act in relation to requiring a study and report on
banking products and services offered in low income communities and
the impact of traditional banks, credit unions and check casher
services serving low income communities; and providing for the repeal
of such provisions upon expiration thereof

PURPOSE OR GENERAL IDEA OF THE BILL:  A long history of discriminatory
banking policies and practices has left low income communities with
limited financial service options, costly banking fees, and a
proliferation of financial services with exorbitant fees and interest
rates. A review of the current state of banking and financial services
in low income communities is needed in order to access overall impact
on the residents of these communities.

SUMMARY OF SPECIFIC PROVISIONS:

Section 1: 1. The superintendent of financial services shall study and
issue a comprehensive report on banking products and services offered
in row income communities and the impact of traditional banks, credit
unions and check casher services serving low income communities.

2. Such study and report carried out pursuant to this section shall
address the following issues:

(a) which products and services are offered in low income communities
versus which products and services are offered in higher income
communities;

(b) review of whether different fees ate charged by financial service
providers for products and services in low income communities and in
higher income communities, including but not limited to, use of
automated teller machine (ATM) fees, checking account fees, and
overdraw fees;

(c) review of whether different interest rates are instituted by
financial service providers for products and services in low income
communities and higher income communities;

(d) The impact of payday loans within low income communities, the
prevalence of such loans and the interest rates charged for such
loans; and

(e) The current impact and outcome of the State's 1977 Community
Reinvestment Act and federal CFA.

3. Such report shall.be made to the governor, the speaker of the
assembly and the temporary president of the senate no later than
January 1, 2015

4. The superintendent of financial services may request, and is
authorized to receive, any information from any state agencies that is
relevant and material to the completion of this study and report.
Such information shall be subject to the same requirements for
confidentiality and limitations of use, if any, as are applicable to
such state agencies use of such information.


Section 2: This act shall take effect immediately and shall expire and
be deemed repealed January 1, 2015

JUSTIFICATION:  A long history of discriminatory banking policies and
practices has left low income communities with limited financial
service options, costly banking fees, and a proliferation of financial
services with exorbitant fees and interest rates, A review of the
current state of banking and financial services in low income
communities is needed in order to access overall impact on the
residents of these communities.  The study will also help shape future
public policy that will improve banking and financial services
available in low income communities.

PRIOR LEGISLATIVE HISTORY: New Bill

FISCAL IMPLICATIONS FOR STATE AND LOCAL. GOVERNMENT:  None, the New
York State Department of Financial Services has all the data from
banking and financial institutions to make the comparisons required in
this legislation. DES staff that has oversight responsibilities over
banking rules and regulations is able to compile this data.

EFFECTIVE DATE: This act shall take effect immediately and shall
expire and be deemed repealed January 1, 2015

2013-S4659 - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4659

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             April 17, 2013
                               ___________

Introduced  by Sen. SQUADRON -- read twice and ordered printed, and when
  printed to be committed to the Committee on Banks

AN ACT in relation to requiring a study and report on  banking  products
  and  services  offered  in  low  income  communities and the impact of
  traditional banks, credit unions and check casher services serving low
  income communities; and providing for the repeal  of  such  provisions
  upon expiration thereof

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. 1. The superintendent of financial services shall study and
issue a comprehensive report on banking products and services offered in
low income communities and  the  impact  of  traditional  banks,  credit
unions and check casher services serving low income communities.
  2.  Such  study  and report carried out pursuant to this section shall
address the following issues:
  (a) which products and services are offered in low income  communities
versus which products and services are offered in higher income communi-
ties;
  (b)  review of whether different fees are charged by financial service
providers for products and services in low  income  communities  and  in
higher  income  communities,  including but not limited to, use of auto-
mated teller machine (ATM) fees, checking  account  fees,  and  overdraw
fees;
  (c)  review  of  whether  different  interest  rates are instituted by
financial service providers for products  and  services  in  low  income
communities  and in higher income communities, including but not limited
to, savings account interest rates and interest rates on loans;
  (d) the impact of payday loans  within  low  income  communities,  the
prevalence  of such loans and the interest rates charged for such loans;
and

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08898-03-3

S. 4659                             2

  (e) an analysis of the impact and current relevance of the  state  and
federal  community reinvestment act as it affects low income communities
and banking and financial services.
  3.  Such  report  shall  be  made  to the governor, the speaker of the
assembly and the temporary president of the senate no later than January
1, 2015.
  4. The superintendent  of  financial  services  may  request,  and  is
authorized  to  receive, any information from any state agencies that is
relevant and material to the completion of this study and  report.  Such
information shall be subject to the same requirements for confidentiali-
ty and limitations of use, if any, as are applicable to such state agen-
cy's use of such information.
  S  2.  This  act shall take effect immediately and shall expire and be
deemed repealed on January 1, 2015.

2013-S4659A - Details

See Assembly Version of this Bill:: A5175
Current Committee:: Senate Banks
Law Section:: Banks
Versions Introduced in 2015-2016 Legislative Session:: S575, A5980

2013-S4659A - Summary

Requires a study and report on banking products and services offered in low income communities.

2013-S4659A - Sponsor Memo

                                BILL NUMBER:S4659A

TITLE OF BILL:  An act in relation to requiring a study and report on
banking products and services offered in low income communities and
the impact of traditional banks, credit unions and check casher
services serving low income communities; and providing for the repeal
of such provisions upon expiration thereof

PURPOSE OR GENERAL IDEA OF THE BILL:

A long history of discriminatory banking policies and practices has
left low income communities with limited financial service options,
costly banking fees, and a proliferation of financial services with
exorbitant fees and interest rates. A review of the current state of
banking and financial services in low income communities is needed in
order to access overall impact on the residents of these communities.

SUMMARY OF SPECIFIC PROVISIONS:

Section 1: 1. The superintendent of financial services shall study and
issue a comprehensive report on banking products and services offered
in low income communities and the impact of traditional banks, credit
unions and check casher services serving low income communities.

2. Such study and report carried out pursuant to this section shall
address the following issues:

(a) which products and services are offered in low income communities
versus which products and services are offered in higher income
communities;

(b} review of whether different fees are charged by financial service
providers for products and services in low income communities and in
higher income communities, including but not limited to, use of
automated teller machine (ATM) fees, checking account fees, and
overdraw fees;

(c) review of whether different interest rates are instituted by
financial service providers for products and services in low income
communities and higher income communities;

(d) The impact of payday loans within low income communities, the
prevalence of such loans and the interest rates charged for such
loans; and

(e) The current impact and outcome of the State's 1977 Community
Reinvestment Act and federal CRA.

3. Such report shall be made to the governor, the speaker of the
assembly and the temporary president of the senate no later than
January 1, 2015

4. The superintendent of financial services may request, and is
authorized to receive, any information from any state agencies that is
relevant and material to the completion of this study and report.
Such information shall be subject to the same requirements for


confidentiality and limitations of use, if any, as are applicable to
such state agencies use of such information.

Section 2: This act shall take effect immediately and shall expire and
be deemed repealed January 1, 2015

JUSTIFICATION:

A long history of discriminatory banking policies and practices has
left low income communities with limited financial service options,
costly banking fees, and a proliferation of financial services with
exorbitant fees and interest rates. A review of the current state of
banking and financial services in low income communities is needed in
order to access overall impact on the residents of these communities,
The study will also help shape future public policy that will improve
banking and financial services available in low income communities.

PRIOR LEGISLATIVE HISTORY:

New Bill

FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENT:

None, the New York State Department of Financial Services has all the
data from banking and financial institutions to make the comparisons
required in this legislation. DFS staff that has oversight
responsibilities over banking rules and regulations is able to compile
this data.

EFFECTIVE DATE:

This act shall take effect immediately and shall expire and be deemed
repealed January 1, 2015

2013-S4659A - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 4659--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             April 17, 2013
                               ___________

Introduced  by Sen. SQUADRON -- read twice and ordered printed, and when
  printed to be  committed  to  the  Committee  on  Banks  --  committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

AN  ACT  in relation to requiring a study and report on banking products
  and services offered in low  income  communities  and  the  impact  of
  traditional banks, credit unions and check casher services serving low
  income  communities;  and  providing for the repeal of such provisions
  upon expiration thereof

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. 1. The superintendent of financial services shall study and
issue a comprehensive report on banking products and services offered in
low  income  communities  and  the  impact  of traditional banks, credit
unions and check casher services serving low income communities.
  2. Such study and report carried out pursuant to  this  section  shall
address the following issues:
  (a)  which products and services are offered in low income communities
versus which products and services are offered in higher income communi-
ties;
  (b) review of whether different fees are charged by financial  service
providers  for  products  and  services in low income communities and in
higher income communities, including but not limited to,  use  of  auto-
mated  teller  machine  (ATM) fees, checking account fees, and overdraft
fees;
  (c) review of whether  different  interest  rates  are  instituted  by
financial  service  providers  for  products  and services in low income
communities and in higher income communities, including but not  limited
to, savings account interest rates and interest rates on loans;
  (d)  the  impact  of  payday  loans within low income communities, the
prevalence of such loans and the interest rates charged for such  loans,

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08898-05-3

S. 4659--A                          2

to  the extent such information is available to the department of finan-
cial services; and
  (e)  an  analysis of the impact and current relevance of the state and
federal community reinvestment act as it affects low income  communities
and banking and financial services.
  3.  Such  report  shall  be  made  to the governor, the speaker of the
assembly and the temporary president of the senate no later than January
1, 2015.
  4. The superintendent  of  financial  services  may  request,  and  is
authorized  to  receive, any information from any state agencies that is
relevant and material to the completion of this study and  report.  Such
information shall be subject to the same requirements for confidentiali-
ty and limitations of use, if any, as are applicable to such state agen-
cy's use of such information.
  S  2.  This  act shall take effect immediately and shall expire and be
deemed repealed January 1, 2015.

2013-S4659B (ACTIVE) - Details

See Assembly Version of this Bill:: A5175
Current Committee:: Senate Banks
Law Section:: Banks
Versions Introduced in 2015-2016 Legislative Session:: S575, A5980

2013-S4659B (ACTIVE) - Summary

Requires a study and report on banking products and services offered in low income communities.

2013-S4659B (ACTIVE) - Sponsor Memo

                                BILL NUMBER:S4659B

TITLE OF BILL:  An act in relation to requiring a study and report on
banking products and services offered in low income communities and
the impact of traditional banks, credit unions and check casher
services serving low income communities; and providing for the repeal
of such provisions upon expiration thereof

PURPOSE OR GENERAL IDEA OF THE BILL:

A long history of discriminatory banking policies and practices has
left low income communities with limited financial service options,
costly banking fees, and a proliferation of financial services with
exorbitant fees and interest rates. A review of the current state of
banking and financial services in low income communities is needed in
order to access overall impact on the residents of these communities.

SUMMARY OF SPECIFIC PROVISIONS:

Section 1: 1. The superintendent of financial services shall study and
issue a comprehensive report on banking products and services offered
in low income communities and the impact of traditional banks, credit
unions and check casher services serving low income communities.

2. Such study and report carried out pursuant to this section shall
address the following issues:

(a) which products and services are offered in low income communities
versus which products and services are offered in higher income
communities;

(b) review of whether different fees are charged by financial service
providers for products and services in low income communities and in
higher income communities, including but not limited to, use of
automated teller machine (ATM) fees, checking account fees, and
overdraw fees;

(c) review of whether different interest rates are instituted by
financial service providers for products and services in low income
communities and higher income communities;

(d) The impact of payday loans within low income communities, the
prevalence of such loans and the interest rates charged for such
loans; and

(a) The current impact and outcome of the State's 1977 Community
Reinvestment Act and federal CRA.

3. Such report shall be made to the governor, the speaker of the
assembly and the temporary president of the senate no later than
January 1, 2015.

4. The superintendent of financial services may request, and is
authorized to receive, any information from any state agencies that is
relevant and material to the completion of this study and report.
Such information shall be subject to the same requirements for


confidentiality and limitations of use, if any, as are applicable to
such state agencies use of such information.

Section 2: This act shall take effect immediately and shall expire and
be deemed repealed January 1, 2016.

JUSTIFICATION:

A long history of discriminatory banking policies and practices has
left low income communities with limited financial service options,
costly banking fees, and a proliferation of financial services with
exorbitant fees and interest rates. A review of the current state of
banking and financial services in low income communities is needed in
order to access overall impact on the residents of these communities,
The study will also help shape future public policy that will improve
banking and financial services available in low income communities.

PRIOR LEGISLATIVE HISTORY:

New Bill

FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENT:

None, the New York State Department of Financial Services has all the
data from banking and financial institutions to make the comparisons
required in this legislation. DFS staff that has oversight
responsibilities over banking rules and regulations is able to compile
this data.

EFFECTIVE DATE:

This act shall take effect immediately and shall expire and be deemed
repealed January 1, 2016.

2013-S4659B (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 4659--B

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             April 17, 2013
                               ___________

Introduced  by Sen. SQUADRON -- read twice and ordered printed, and when
  printed to be  committed  to  the  Committee  on  Banks  --  committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to  said committee -- recommitted to the Committee on Banks in accord-
  ance with Senate Rule 6, sec. 8 -- committee discharged, bill amended,
  ordered reprinted as amended and recommitted to said committee

AN ACT in relation to requiring a study and report on  banking  products
  and  services  offered  in  low  income  communities and the impact of
  traditional banks, credit unions and check casher services serving low
  income communities; and providing for the repeal  of  such  provisions
  upon expiration thereof

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. 1. The superintendent of financial services shall study and
issue a comprehensive report on banking products and services offered in
low income communities and  the  impact  of  traditional  banks,  credit
unions and check casher services serving low income communities.
  2.  Such  study  and report carried out pursuant to this section shall
address the following issues:
  (a) which products and services are offered in low income  communities
versus which products and services are offered in higher income communi-
ties;
  (b)  review of whether different fees are charged by financial service
providers for products and services in low  income  communities  and  in
higher  income  communities,  including but not limited to, use of auto-
mated teller machine (ATM) fees, checking account  fees,  and  overdraft
fees;
  (c)  review  of  whether  different  interest  rates are instituted by
financial service providers for products  and  services  in  low  income
communities  and in higher income communities, including but not limited
to, savings account interest rates and interest rates on loans;

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08898-09-4

S. 4659--B                          2

  (d) the impact of payday loans  within  low  income  communities,  the
prevalence  of such loans and the interest rates charged for such loans,
to the extent such information is available to the department of  finan-
cial services; and
  (e)  an  analysis of the impact and current relevance of the state and
federal community reinvestment act as it affects low income  communities
and banking and financial services.
  3.  Such  report  shall  be  made  to the governor, the speaker of the
assembly and the temporary president of the senate no later than January
1, 2016.
  4. The superintendent  of  financial  services  may  request,  and  is
authorized  to  receive, any information from any state agencies that is
relevant and material to the completion of this study and  report.  Such
information shall be subject to the same requirements for confidentiali-
ty and limitations of use, if any, as are applicable to such state agen-
cy's use of such information.
  S  2.  This  act shall take effect immediately and shall expire and be
deemed repealed January 1, 2016.

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Senate Bill S4659B

Sponsored By

Archive: Last Bill Status - In Senate Committee Banks Committee

Actions

Bill Amendments

2013-S4659 - Details

2013-S4659 - Summary

2013-S4659 - Sponsor Memo

2013-S4659 - Bill Text download pdf

2013-S4659A - Details

2013-S4659A - Summary

2013-S4659A - Sponsor Memo

2013-S4659A - Bill Text download pdf

2013-S4659B (ACTIVE) - Details

2013-S4659B (ACTIVE) - Summary

2013-S4659B (ACTIVE) - Sponsor Memo

2013-S4659B (ACTIVE) - Bill Text download pdf

Comments

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Sponsored By

Daniel L. Squadron

Archive: Last Bill Status - In Senate Committee Banks Committee

Actions

Bill Amendments

2013-S4659 - Details

2013-S4659 - Summary

2013-S4659 - Sponsor Memo

2013-S4659 - Bill Text download pdf

2013-S4659A - Details

2013-S4659A - Summary

2013-S4659A - Sponsor Memo

2013-S4659A - Bill Text download pdf

2013-S4659B (ACTIVE) - Details

2013-S4659B (ACTIVE) - Summary

2013-S4659B (ACTIVE) - Sponsor Memo

2013-S4659B (ACTIVE) - Bill Text download pdf

Comments