NY State Senate Bill 2021-S6070A

Senate Bill S6070A

Signed By Governor

2021-2022 Legislative Session

Directs the department of financial services to conduct a study on certain impacts of the coronavirus (COVID-19) pandemic

download bill text pdf

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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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Dec 22, 2021	signed chap.792
Dec 10, 2021	delivered to governor
Jun 03, 2021	returned to senate passed assembly ordered to third reading rules cal.371 substituted for a7324a
Jun 01, 2021	referred to ways and means delivered to assembly passed senate
May 19, 2021	amended on third reading 6070a
May 03, 2021	advanced to third reading
Apr 28, 2021	2nd report cal.
Apr 27, 2021	1st report cal.800
Apr 05, 2021	referred to banks

Votes

- Jun 1, 2021 - Floor Vote
  S6070A
  
  62
  
  Aye
  
  1
  
  Nay
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jun 1, 2021
      
      aye (62)
      
      Addabbo Jr.
      
      Bailey
      
      Benjamin
      
      Biaggi
      
      Borrello
      
      Boyle
      
      Breslin
      
      Brisport
      
      Brooks
      
      Brouk
      
      Comrie
      
      Cooney
      
      Felder
      
      Gallivan
      
      Gaughran
      
      Gianaris
      
      Gounardes
      
      Griffo
      
      Harckham
      
      Helming
      
      Hinchey
      
      Hoylman-Sigal
      
      Jackson
      
      Jordan
      
      Kaminsky
      
      Kaplan
      
      Kavanagh
      
      Kennedy
      
      Krueger
      
      Lanza
      
      Liu
      
      Mannion
      
      Martucci
      
      Mattera
      
      May
      
      Mayer
      
      Myrie
      
      O'Mara
      
      Oberacker
      
      Ortt
      
      Palumbo
      
      Parker
      
      Persaud
      
      Ramos
      
      Rath III
      
      Reichlin-Melnick
      
      Ritchie
      
      Rivera
      
      Ryan
      
      Salazar
      
      Sanders Jr.
      
      Savino
      
      Sepúlveda
      
      Serino
      
      Serrano
      
      Skoufis
      
      Stavisky
      
      Stec
      
      Stewart-Cousins
      
      Tedisco
      
      Thomas
      
      Weik
      
      nay (1)
      
      Akshar
  Apr 27, 2021 - Banks Committee Vote
  S6070A
  
  11
  
  Aye
  
  0
  
  Nay
  
  0
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Banks Committee Vote: Apr 27, 2021
      
      aye (11)
      
      Borrello
      
      Breslin
      
      Brisport
      
      Kennedy
      
      May
      
      Parker
      
      Sanders Jr.
      
      Savino
      
      Stec
      
      Tedisco
      
      Thomas

Bill Amendments

Original

A (Active)

co-Sponsors

2021-S6070 - Details

See Assembly Version of this Bill:: A7324
Law Section:: Financial Services

2021-S6070 - Summary

Directs the department of financial services to conduct a study on the impacts of the coronavirus (COVID-19) pandemic on underbanked and underserved areas and small businesses and minority- and women-owned business enterprises getting loans.

2021-S6070 - Sponsor Memo

                                
 
BILL NUMBER: S6070

SPONSOR: SANDERS
 
TITLE OF BILL:

An act directing the department of financial services to conduct a study
on certain impacts of the coronavirus (COVID-19) pandemic

 
PURPOSE:

This bill would direct the department of financial services to conduct a
study on certain impacts of the coronavirus (COVID-19) pandemic.

 
SUMMARY OF PROVISIONS:

Section 1: The department of financial services shall conduct a study on
the impact of the coronavirus (COVID-19) pandemic on the following:

(a) underbanked and underserved areas;

(b) small businesses, as defined by section 131 of the economic develop-

ment law, getting loans; and

(c) minority- and women-owned business enterprises, as defined by subdi-
visions 7 and 15 of section 310 of the executive law, getting loans.

The superintendent of financial services shall submit the results of
such study and all recommendations to the governor, the temporary presi-
dent of the senate, and the speaker of the assembly, and publish such
results and recommendations on the department of financial services
website no later than November 1, 2021.

Section 2: Effective Date - Immediately.

 
JUSTIFICATION:

Minority and low-income communities were especially hit hard by COVID-
19, according to various news reports since the pandemic began in New
York state in March 2020. Given the importance of banking to everyone,
policymakers and the public have an interest in understanding how the
pandemic impacted minority and low-income communities as it relates to
the banking sector and to learn how these problems can be addressed.

 
LEGISLATIVE HISTORY:

New bill

 
FISCAL IMPLICATIONS:

None. Use existing staff resources with the NYS Department of Financial
Services.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2021-S6070 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6070
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               April 5, 2021
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Banks
 
 AN ACT directing the department of financial services to conduct a study
   on certain impacts of the coronavirus (COVID-19) pandemic
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  1.  The  department of financial services shall conduct a
 study on the impact  of  the  coronavirus  (COVID-19)  pandemic  on  the
 following:
   (a) underbanked and underserved areas;
   (b) small businesses, as defined by section 131 of the economic devel-
 opment law, getting loans; and
   (c)  minority-  and  women-owned  business  enterprises, as defined by
 subdivisions 7 and 15 of section  310  of  the  executive  law,  getting
 loans.
   2. The study shall examine topics to include, but not be limited to:
   (a) the ability of individuals in underbanked and underserved areas to
 receive, access, and use their stimulus payments;
   (b) changes in banking habits of individuals in underbanked and under-
 served areas;
   (c)  closures  or  changes  to  hours, staffing levels, or services in
 banks in underbanked or underserved areas;
   (d) the number of small businesses applying for loans; the  number  of
 small  businesses  receiving  approval for such loans; and the amount of
 money such small businesses have received in loans;
   (e) the number  of  minority-  and  women-owned  business  enterprises
 applying  for  loans;  the  number of minority- and women-owned business
 enterprises receiving approval for such loans; and the amount  of  money
 such  minority-  and  women-owned  business enterprises have received in
 loans;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10718-01-1

 S. 6070                             2

   (f) the types of loans small businesses and minority- and  women-owned
 business  enterprises are applying for and the types of loans such busi-
 nesses are being approved for; and
   (g) the number of small businesses and minority- and women-owned busi-
 ness enterprises that had to close due to inability to access or receive
 loans.
   3.  The  department  of  financial  services shall analyze any gaps in
 service to underbanked  and  underserved  areas,  small  businesses  and
 minority-  and  women-owned business enterprises and provide recommenda-
 tions to address such service gaps to ensure individuals living in  such
 areas and to ensure such businesses can access services.
   4.  The  superintendent of financial services shall submit the results
 of such study and all recommendations to  the  governor,  the  temporary
 president  of  the  senate, and the speaker of the assembly, and publish
 such results and recommendations on the department of financial services
 website no later than November 1, 2021.
   § 2. This act shall take effect immediately.

co-Sponsors

2021-S6070A (ACTIVE) - Details

See Assembly Version of this Bill:: A7324
Law Section:: Financial Services

2021-S6070A (ACTIVE) - Summary

2021-S6070A (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S6070A

SPONSOR: SANDERS
 
TITLE OF BILL:

An act directing the department of financial services to conduct a study
on certain impacts of the coronavirus (COVID-19) pandemic

 
PURPOSE OR GENERAL IDEA OF BILL:

This bill would direct the department of financial services in consulta-
tion with empire state development corporation to conduct a study on
certain impacts of the coronavirus (COVID-19) pandemic.

 
SUMMARY OF SPECIFIC PROVISIONS:

Section 1: The department of financial services in consultation with
empire state development corporation shall conduct a study on the impact
of the coronavirus (COVID-19) pandemic on the following:

(a) underbanked and underserved areas;

(b) small businesses, as defined by section 131 of the economic develop-
ment law, getting loans; and

(c) minority- and women-owned business enterprises, as defined by subdi-
visions 7 and 15 of section 310 of the executive law, getting loans.

The superintendent of financial services shall submit the results of
such study and all recommendations to the governor, the temporary presi-
dent of the senate, and the speaker of the assembly, and publish such
results and recommendations on the department of financial services
website no later than one year after this bill shall become a law.

Section 2: Effective Date - Immediately.

 
JUSTIFICATION:

Minority and low-income communities were hit especially hard by COVID19,
according to news reports since the pandemic began in New York state in
March 2020. Given the importance of banking to everyone, policymakers
and the public have an interest in understanding how the pandemic
impacted minority and low-income communities as it relates to the bank-
ing sector and to learn how these problems can be addressed.

 
PRIOR LEGISLATIVE HISTORY:

New bill

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

None

 
EFFECTIVE DATE:
This act shall take effect immediately.

2021-S6070A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6070--A
     Cal. No. 800
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               April 5, 2021
                                ___________
 
 Introduced  by Sens. SANDERS, JACKSON -- 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 directing the department of financial services to conduct a study
   on certain impacts of the coronavirus (COVID-19) pandemic
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  1.  The  department of financial services in consultation
 with the empire state development corporation shall conduct a  study  on
 the  financial  impact  of  the  coronavirus  (COVID-19) pandemic on the
 following:
   (a) underbanked and underserved areas;
   (b) small businesses, as defined by section 131 of the economic devel-
 opment law, obtaining loans and other credit instruments; and
   (c) minority- and women-owned  business  enterprises,  as  defined  by
 subdivisions  7  and  15  of section 310 of the executive law, obtaining
 loans and other credit instruments.
   2. The study shall also examine topics including, but not limited to:
   (a) the ability of individuals in underbanked and underserved areas to
 receive, access, and use their stimulus payments;
   (b) closures or changes to hours,  staffing  levels,  or  services  in
 banks in underbanked or underserved areas;
   (c)  the  number of small businesses applying for loans; the number of
 small businesses receiving approval for such loans; and  the  amount  of
 money such small businesses have received in loans;
   (d)  the  number  of  minority-  and  women-owned business enterprises
 applying for loans; the number of  minority-  and  women-owned  business
 enterprises  receiving  approval for such loans; and the amount of money
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD10718-05-1

 S. 6070--A                          2
 
 such minority- and women-owned business  enterprises  have  received  in
 loans;
   (e)  the types of loans that small businesses and minority- and women-
 owned business enterprises are applying for and the types of loans  such
 businesses are being approved for; and
   (f)  the  impact, if any, on small businesses and minority- and women-
 owned business enterprises due to an  inability  to  access  or  receive
 loans.
   3.  The  department  of  financial  services  in consultation with the
 empire state development corporation shall  analyze  service  to  under-
 banked  and underserved areas, small businesses and minority- and women-
 owned business enterprises and provide recommendations to ensure  access
 to services.
   4.  The  superintendent of financial services shall submit the results
 of such study and all recommendations to  the  governor,  the  temporary
 president  of  the  senate, and the speaker of the assembly, and publish
 such results and recommendations on the department of financial services
 website no later than one year after the effective date of this section.
   § 2. This act shall take effect immediately.

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Senate Bill S6070A

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Sponsored By

James Sanders Jr.

Archive: Last Bill Status - Signed by Governor

Bill Amendments

co-Sponsors

Robert Jackson

2021-S6070 - Details

2021-S6070 - Summary

2021-S6070 - Sponsor Memo

2021-S6070 - Bill Text download pdf

co-Sponsors

Robert Jackson

2021-S6070A (ACTIVE) - Details

2021-S6070A (ACTIVE) - Summary

2021-S6070A (ACTIVE) - Sponsor Memo

2021-S6070A (ACTIVE) - Bill Text download pdf

Comments