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Assembly Bill A2017

2021-2022 Legislative Session

Relates to enacting the New York state federal worker banking assistance act

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Archive: Last Bill Status - In Assembly Committee

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2021-A2017 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §28-b, Bank L
Versions Introduced in 2019-2020 Legislative Session:
A8168

2021-A2017 (ACTIVE) - Summary

Enacts the "New York state federal worker banking assistance act" to require the superintendent of financial services to take into account efforts of banking institutions to modify terms on existing loans, extend new loans with low- to no-interest rates, or the waiving of fees to help furloughed federal employees during a shutdown when assessing the record of such institutions.

2021-A2017 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2017
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 14, 2021
                                ___________
 
 Introduced  by M. of A. REYES -- read once and referred to the Committee
   on Banks
 
 AN ACT to amend the banking law, in relation to enacting the  "New  York
   state federal worker banking assistance act"
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Short title. This act shall be known and may  be  cited  as
 the "New York state federal worker banking assistance act".
   §  2.  Subdivision  3 of section 28-b of the banking law is amended by
 adding a new paragraph (e) to read as follows:
   (E) (I)  IN  ASSESSING  AND  TAKING  INTO  ACCOUNT,  PURSUANT  TO  THE
 PROVISIONS  OF PARAGRAPH (A) OF THIS SUBDIVISION, THE RECORD OF PERFORM-
 ANCE OF A BANKING INSTITUTION THE SUPERINTENDENT SHALL  CONSIDER,  AS  A
 FACTOR, EFFORTS OF THE FINANCIAL INSTITUTION TO MODIFY TERMS ON EXISTING
 LOANS,  EXTEND  NEW LOANS WITH LOW- TO NO-INTEREST RATES, OR THE WAIVING
 OF FEES TO HELP COVERED EMPLOYEES, IF SUCH MODIFICATION OR EXTENSION  IS
 DONE IN A SAFE AND SOUND MANNER.
   (II)  THE  SUPERINTENDENT  SHALL  ISSUE  GUIDANCE WITH RESPECT TO THIS
 PARAGRAPH NOT LATER THAN THE END OF A  SEVEN-DAY  PERIOD  FOLLOWING  ANY
 LAPSE IN DISCRETIONARY APPROPRIATIONS BY THE FEDERAL GOVERNMENT.
   (III)  FOR  PURPOSES  OF  THIS  PARAGRAPH, THE TERM "COVERED EMPLOYEE"
 MEANS:
   (1) A FEDERAL OR DISTRICT OF COLUMBIA EMPLOYEE FURLOUGHED OR  EXCEPTED
 FROM  SUCH  FURLOUGH DURING ANY LAPSE IN DISCRETIONARY APPROPRIATIONS BY
 THE FEDERAL GOVERNMENT; AND
   (2) A FEDERAL CONTRACTOR WHO, DURING ANY LAPSE IN DISCRETIONARY APPRO-
 PRIATIONS BY THE FEDERAL GOVERNMENT, IS NOT RECEIVING PAY BY  REASON  OF
 SUCH LAPSE.
   § 3. This act shall take effect immediately.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00073-01-1

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