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Senate Bill S6271

2023-2024 Legislative Session

Relates to minority depository institutions which apply to establish a home or branch office in an unbanked or underbanked community

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Archive: Last Bill Status - In Senate Committee Finance Committee

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2023-S6271 (ACTIVE) - Details

See Assembly Version of this Bill:
A5521
Current Committee:
Senate Finance
Law Section:
Banking Law
Laws Affected:
Amd §96-d, Bank L
Versions Introduced in 2025-2026 Legislative Session:
S3615, A8665

2023-S6271 (ACTIVE) - Summary

Relates to minority depository institutions which apply to establish a home or branch office in an unbanked or underbanked community; provides that such institutions shall be entitled to receive deposits from the state comptroller and the commissioner of taxation and finance.

2023-S6271 (ACTIVE) - Sponsor Memo

2023-S6271 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6271
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              April 11, 2023
                                ___________
 
 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  minority  depository
   institutions  which  apply  to establish a home or branch office in an
   unbanked or underbanked community

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 5 of section 96-d of the banking law is amended
 by adding a new paragraph (c) to read as follows:
   (C) A MINORITY DEPOSITORY INSTITUTION AS DEFINED BY SECTION 308 OF THE
 FEDERAL  FINANCIAL  INSTITUTION REFORM, RECOVERY, AND ENFORCEMENT ACT OF
 1989, WHICH HAS A HOME OR BRANCH OFFICE IN A COMMUNITY DETERMINED BY THE
 SUPERINTENDENT TO BE UNBANKED OR UNDERBANKED, SHALL  BE  AUTHORIZED  AND
 ENTITLED  TO RECEIVE DEPOSITS FROM THE STATE COMPTROLLER AND THE COMMIS-
 SIONER OF TAXATION AND FINANCE IN  ACCORDANCE  WITH  THE  PROVISIONS  OF
 SECTION NINETY-EIGHT-A AND SECTION ONE HUNDRED FIVE OF THE STATE FINANCE
 LAW,  IN  ADDITION TO THE MUNICIPAL DEPOSITS PROVIDED HEREIN. THE AMOUNT
 OF SUCH DEPOSITS SHALL BE DETERMINED JOINTLY BY THE  SUPERINTENDENT  AND
 THE  STATE COMPTROLLER.   AUTHORIZATION PURSUANT TO THIS PARAGRAPH SHALL
 RUN CONCURRENTLY WITH THE TERM OF THE DESIGNATION OF A BANKING  DEVELOP-
 MENT DISTRICT APPROVED BY THE SUPERINTENDENT PURSUANT TO SUBDIVISION TWO
 OF  THIS  SECTION  AND  SHALL  BE  EXTENDED TO RUN CONCURRENTLY WITH ANY
 EXTENSION OF SUCH DESIGNATION BY THE SUPERINTENDENT PURSUANT TO SUBDIVI-
 SION TWO OF THIS SECTION.
   § 2. This act shall take effect immediately,  provided,  however,  the
 amendments  to  subdivision 5 of section 96-d of the banking law made by
 section one of this act shall not affect the repeal of such  subdivision
 and shall be deemed repealed therewith.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10211-03-3

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