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Assembly Bill A2059

2019-2020 Legislative Session

Relates to the creation of the office of financial services for new Americans

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Archive: Last Bill Status - In Assembly Committee

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2019-A2059 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add §46, Bank L
Versions Introduced in Other Legislative Sessions:
2017-2018: A8794
2021-2022: A3273

2019-A2059 (ACTIVE) - Summary

Relates to the creation of the office of financial services for new Americans for the purpose of assisting immigrant communities in gaining financial knowledge and understanding.

2019-A2059 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2059
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 22, 2019
                                ___________
 
 Introduced  by M. of A. KIM, VANEL, SOLAGES, D'URSO, WEPRIN -- read once
   and referred to the Committee on Banks
 
 AN ACT to amend the banking law, in relation  to  the  creation  of  the
   office of financial services for new Americans
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The banking law is amended by adding a new  section  46  to
 read as follows:
   §  46.  OFFICE  OF  FINANCIAL  SERVICES FOR NEW AMERICANS. 1. THERE IS
 HEREBY  ESTABLISHED  WITHIN  THE  DEPARTMENT  THE  OFFICE  OF  FINANCIAL
 SERVICES  FOR  NEW AMERICANS. THE SUPERINTENDENT SHALL APPOINT THE CHIEF
 FINANCIAL ADVISOR FOR NEW AMERICANS WHO SHALL APPOINT STAFF AND  PERFORM
 SUCH  OTHER  FUNCTIONS  TO  ENSURE THE EFFICIENT OPERATION OF THE OFFICE
 WITHIN THE AMOUNTS MADE AVAILABLE THEREFOR BY APPROPRIATION.
   2. THE OFFICE OF FINANCIAL SERVICES FOR NEW AMERICANS SHALL  HAVE  THE
 POWER AND RESPONSIBILITY TO:
   (A) DEVELOP AND IMPLEMENT NEW PROGRAMS AND INITIATIVES FOR THE PURPOSE
 OF  ASSISTING  IMMIGRANT  COMMUNITIES IN GAINING FINANCIAL KNOWLEDGE AND
 UNDERSTANDING. SUCH PROGRAMS  AND  INITIATIVES  SHALL  ASSIST  IMMIGRANT
 COMMUNITIES IN:
   (I) GAINING FINANCIAL LITERACY;
   (II) NAVIGATING FINANCIAL INSTITUTIONS;
   (III) LEARNING HOW TO BORROW, LEND AND INVEST MONEY; AND
   (IV) LEARNING HOW TO BUILD CREDIT;
   (B)  CONDUCT WORKSHOPS ON FINANCIAL TOPICS AND OFFER FINANCIAL ASSIST-
 ANCE AND GUIDANCE TO IMMIGRANT COMMUNITIES; AND
   (C) ADVOCATE ON BEHALF OF IMMIGRANTS IN DEALINGS WITH BANKS, FINANCIAL
 INSTITUTIONS AND CREDIT BUREAUS.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03969-01-9

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