Senate Bill S9326

2023-2024 Legislative Session

Enacts the "bank of Rochester act"

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Banks Committee

  • 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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2023-S9326 (ACTIVE) - Details

See Assembly Version of this Bill:
Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Amd §2, add Art 3-C §§156 - 156-l, Bank L; amd §98, St Fin L

2023-S9326 (ACTIVE) - Summary

Establishes the bank of Rochester, including provisions related to definitions; sponsors and corporate structure; powers and restrictions; governance

2023-S9326 (ACTIVE) - Sponsor Memo

2023-S9326 (ACTIVE) - Bill Text download pdf

                     S T A T E   O F   N E W   Y O R K
                             I N  S E N A T E
                               May 13, 2024
 Introduced  by  Sen.  BROUK  -- read twice and ordered printed, and when
   printed to be committed to the Committee on Banks
 AN ACT to amend the banking law and the state finance law,  in  relation
   to enacting the "bank of Rochester act"

   Section 1. Short title. This act shall be known and may  be  cited  as
 the "bank of Rochester act".
   §  2.  Legislative intent. 1. It is the intent of the legislature that
 this act (i) authorizes the city of Rochester to form  and  control  the
 bank  of Rochester, and loan or grant public funds or lend public credit
 to the bank of Rochester for  the  public  purposes  of  achieving  cost
 savings,  strengthening  local  economies, supporting community economic
 development, and addressing infrastructure and housing needs for locali-
 ties; and (ii) codifies the common law interpretation of  the  constitu-
 tion  of  the state of New York that cities, counties, and other munici-
 palities may own a not-for-profit corporation and lend or grant money to
 such not-for-profit corporation, so long as such actions are pursuant to
 public purposes.
   2. It is also the intent of the legislature that the bank of Rochester
 shall partner with local financial institutions, such as credit  unions,
 CDFIs,  and  local  community  banks,  and  shall not compete with local
 financial institutions or commercial banks.
   § 3. Subdivisions 1 and 11 of section 2 of the banking  law,  subdivi-
 sion  1 as amended by chapter 684 of the laws of 1938 and subdivision 11
 as amended by chapter 154 of the laws of 2007, are amended  to  read  as
   1. Bank. The term, "bank," when used in this chapter, unless a differ-
 ent  meaning appears from the context, means any corporation, other than
 a trust company, organized under or subject to the provisions of article
 three  OR THREE-C of this chapter.
   11. Banking organizations. The  term,  "banking  organizations,"  when
 used  in  this  chapter,  means and includes all banks, trust companies,
 private bankers, savings banks, safe deposit companies, savings and loan
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.


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