Senate Bill S3227

Signed By Governor
2019-2020 Legislative Session

Requires the assessment of a banking institution's record of performance to be in writing

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor


  • 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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Bill Amendments

co-Sponsors

2019-S3227 - Details

Law Section:
Banking Law
Laws Affected:
Amd §28-b, Bank L
Versions Introduced in Other Legislative Sessions:
2015-2016: S6236
2017-2018: S2461

2019-S3227 - Summary

Requires the assessment of a banking institution's record of performance to be in writing detailing the record of performance in helping to meet the credit needs of local communities.

2019-S3227 - Sponsor Memo

2019-S3227 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3227
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             February 4, 2019
                                ___________
 
 Introduced  by  Sen. SANDERS -- 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 assessment of the record
   of performance of banking institutions in helping to meet  the  credit
   needs of local communities

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The opening paragraph of paragraph (a) of subdivision 3  of
 section  28-b  of the banking law, as amended by chapter 227 of the laws
 of 2013, is amended to read as follows:
   When taking any action on an application or notice made by  a  banking
 institution under (i) section one hundred five, two hundred twenty-four,
 two  hundred  forty,  or  three hundred ninety-six of this chapter for a
 branch office, (ii) section one hundred ninety-one of this chapter for a
 public accommodation office, (iii) section six  hundred  one-b  of  this
 chapter  for  approval  of a merger or purchase of assets, or (iv) under
 section one hundred five-a, two hundred forty-a or three  hundred  nine-
 ty-six-a  of  this  chapter  for the use or installation of an automated
 teller machine, point-of-sale terminal or similar electronic facility or
 on any other application or notice to which the superintendent of finan-
 cial services shall by rule or regulation make applicable the provisions
 of this section, the superintendent shall take into account, among other
 factors, an assessment, in writing, of the record of performance of  the
 banking  institution  in  helping to meet the credit needs of its entire
 community, including low and moderate-income  neighborhoods,  consistent
 with  safe and sound operation of the banking institution.  SUCH ASSESS-
 MENT SHALL INCLUDE A SEPARATE DISCUSSION OF THE RECORD  OF  THE  BANKING
 INSTITUTION  PERTAINING  TO EACH OF THE ASSESSMENT FACTORS LISTED IN ALL
 OF THE SUBPARAGRAPHS OF THIS PARAGRAPH AND A COMPLETE EXPLANATION OF HOW
 EACH OF THESE FACTORS WAS CONSIDERED BY THE  DEPARTMENT  IN  MAKING  THE
 ASSESSMENT. THIS EXPLANATION SHALL INCLUDE, BUT NOT BE LIMITED TO, ANNU-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

co-Sponsors

2019-S3227A (ACTIVE) - Details

Law Section:
Banking Law
Laws Affected:
Amd §28-b, Bank L
Versions Introduced in Other Legislative Sessions:
2015-2016: S6236
2017-2018: S2461

2019-S3227A (ACTIVE) - Summary

Requires the assessment of a banking institution's record of performance to be in writing detailing the record of performance in helping to meet the credit needs of local communities.

2019-S3227A (ACTIVE) - Sponsor Memo

2019-S3227A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3227--A
     Cal. No. 649
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             February 4, 2019
                                ___________
 
 Introduced  by  Sens. SANDERS, PARKER -- read twice and ordered printed,
   and when printed to be committed to the Committee on Banks -- reported
   favorably from said committee, ordered to  first  and  second  report,
   ordered  to  a third reading, amended and ordered reprinted, retaining
   its place in the order of third reading

 AN ACT to amend the banking law, in relation to assessment of the record
   of performance of banking institutions in helping to meet  the  credit
   needs of local communities
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The opening paragraph of paragraph (a) of subdivision 3  of
 section  28-b  of the banking law, as amended by chapter 227 of the laws
 of 2013, is amended to read as follows:
   When taking any action on an application or notice made by  a  banking
 institution under (i) section one hundred five, two hundred twenty-four,
 two  hundred  forty,  or  three hundred ninety-six of this chapter for a
 branch office, (ii) section one hundred ninety-one of this chapter for a
 public accommodation office, (iii) section six  hundred  one-b  of  this
 chapter  for  approval  of a merger or purchase of assets, or (iv) under
 section one hundred five-a, two hundred forty-a or three  hundred  nine-
 ty-six-a  of  this  chapter  for the use or installation of an automated
 teller machine, point-of-sale terminal or similar electronic facility or
 on any other application or notice to which the superintendent of finan-
 cial services shall by rule or regulation make applicable the provisions
 of this section, the superintendent shall take into account, among other
 factors, an assessment, in writing, of the record of performance of  the
 banking  institution  in  helping to meet the credit needs of its entire
 community, including low and moderate-income  neighborhoods,  consistent
 with  safe and sound operation of the banking institution.  Such assess-
 ment and any written communications from  the  department  of  financial
 services  to  a banking institution relating to such assessment shall be
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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