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Senate Bill S9448

2023-2024 Legislative Session

Exempts minority depository institutions from certain filing requirements

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Archive: Last Bill Status - In Senate Committee Banks Committee

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2023-S9448 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Amd §28-b, Bank L
Versions Introduced in 2025-2026 Legislative Session:
S3546

2023-S9448 (ACTIVE) - Summary

Exempts minority depository institutions which are subject to the Community Reinvestment Act of 1977 from report and document filing requirements with the superintendent of financial services for a period of ten years from commencement of business.

2023-S9448 (ACTIVE) - Sponsor Memo

2023-S9448 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9448
 
                             I N  S E N A T E
 
                               May 15, 2024
                                ___________
 
 Introduced  by Sen. BORRELLO -- 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  exempting  minority
   depository institutions from certain filing requirements
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Section 28-b of the banking law is amended by adding a  new
 subdivision 4-a to read as follows:
   4-A.  A  MINORITY  DEPOSITORY INSTITUTION AS DEFINED BY SECTION 308 OF
 THE FEDERAL FINANCIAL INSTITUTION REFORM, RECOVERY, AND ENFORCEMENT  ACT
 OF  1989, TO WHICH THE COMMUNITY REINVESTMENT ACT OF 1977, UNITED STATES
 P.L.  95-128, APPLIES, SHALL BE EXEMPT FROM THE FILING REQUIREMENTS  SET
 FORTH  IN SUBDIVISION ONE OF THIS SECTION FOR A PERIOD OF TEN YEARS FROM
 THE DATE SUCH MINORITY DEPOSITORY INSTITUTION COMMENCES DOING BUSINESS.
   § 2. This act shall take effect immediately.
 
 
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15493-01-4

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