S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8147
 
                             I N  S E N A T E
 
                              January 9, 2024
                                ___________
 
 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  creating  a  banking
   development  district  working  group; 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. The banking law is amended by adding a new section 96-dd to
 read as follows:
   §  96-DD.  BANKING  DEVELOPMENT  DISTRICT  WORKING GROUP. 1. A BANKING
 DEVELOPMENT DISTRICT WORKING GROUP IS HEREBY ESTABLISHED TO  ASSESS  AND
 PROVIDE  RECOMMENDATIONS  AND  FUTURE  GOALS FOR THE BANKING DEVELOPMENT
 DISTRICT PROGRAM CREATED UNDER SECTION NINETY-SIX-D OF THIS ARTICLE.
   2. THE BANKING DISTRICT WORKING  GROUP  SHALL  INCLUDE  THE  FOLLOWING
 INDIVIDUALS  OR  THEIR  REPRESENTATIVES,  THE  SUPERINTENDENT, THE STATE
 COMPTROLLER, THE NEW YORK CITY COMPTROLLER, THE COMMISSIONER OF THE  NEW
 YORK CITY DEPARTMENT OF FINANCE, THE COMMISSIONER OF EMPIRE STATE DEVEL-
 OPMENT, THE CHAIR OF THE SENATE BANKS COMMITTEE, THE CHAIR OF THE SENATE
 COMMERCE,  ECONOMIC  DEVELOPMENT AND SMALL BUSINESS COMMITTEE, THE CHAIR
 OF THE ASSEMBLY BANKS COMMITTEE AND THE CHAIR OF THE BANKING  IN  UNDER-
 SERVED COMMUNITIES SUBCOMMITTEE.
   3.  NO  LATER  THAN ONE YEAR AFTER THE EFFECTIVE DATE OF THIS SECTION,
 THE WORKING GROUP SHALL PROVIDE AN ASSESSMENT OF THE  CURRENT  STATE  OF
 THE  BANKING DEVELOPMENT DISTRICT PROGRAM TO THE GOVERNOR AND THE LEGIS-
 LATURE, INCLUDING, BUT NOT LIMITED TO THE FOLLOWING INFORMATION:
   A. THE NUMBER OF PARTICIPATING BANKING DEVELOPMENT  DISTRICT  BRANCHES
 AND WHERE SUCH BRANCHES ARE LOCATED;
   B.  WAYS  THE PROGRAM IS HELPING TO SERVE THE UNBANKED AND UNDERBANKED
 AS DEFINED IN SUBDIVISION ONE-A OF SECTION NINETY-SIX-D OF THIS ARTICLE;
   C. THE STRENGTHS AND WEAKNESSES OF THE PROGRAM;
   D. NECESSARY MEASURES THAT SHOULD BE TAKEN TO BUILD UPON THE STRENGTHS
 OF THE PROGRAM AND ELIMINATE IDENTIFIED WEAKNESSES.
   4. ANNUALLY THEREAFTER, SUCH WORKING GROUP SHALL CONTINUE  TO  PROVIDE
 AN  ASSESSMENT OF THE BANKING DEVELOPMENT DISTRICT PROGRAM TO THE GOVER-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD10318-05-4
 S. 8147                             2
 
 NOR AND THE LEGISLATURE.  ALONG  WITH  THE  INFORMATION  REQUIRED  UNDER
 SUBDIVISION  THREE OF THIS SECTION, SUCH ASSESSMENT SHALL PROVIDE FUTURE
 GOALS FOR THE PROGRAM THAT SHALL BE INCORPORATED IN THE UPCOMING YEAR TO
 CONTINUE STRENGTHENING SUCH PROGRAM.
   §  2.  Subdivision  1 of section 96-d of the banking law is amended by
 adding a new paragraph (b-1) to read as follows:
   (B-1) THE NUMBERS OF UNBANKED AND UNDERBANKED INDIVIDUALS  WITHIN  THE
 DISTRICT;
   § 3. Section 96-d of the banking law is amended by adding a new subdi-
 vision 1-a to read as follows:
   1-A.  FOR THE PURPOSES OF THIS SECTION, THE FOLLOWING TERMS SHALL HAVE
 THE FOLLOWING MEANINGS:
   A. "UNBANKED" SHALL MEAN AN INDIVIDUAL NOT SERVED BY AN INSURED INSTI-
 TUTION IN ANY CAPACITY; AND
   B. "UNDERBANKED" SHALL MEAN  AN  INDIVIDUAL  WITH  AN  ACCOUNT  AT  AN
 INSURED INSTITUTION BUT WHO HAS OBTAINED ALTERNATIVE, NONBANK, FINANCIAL
 SERVICES IN THE PAST TWELVE MONTHS.
   §  4.  This  act shall take effect immediately and shall expire and be
 deemed repealed 2 years after such date.