Assembly Bill A8665

2025-2026 Legislative Session

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

download bill text pdf

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Current Bill Status - In Assembly 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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2025-A8665 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Banking Law
Laws Affected:
Amd §96-d, Bank L
Versions Introduced in 2023-2024 Legislative Session:
A5521

2025-A8665 (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.

2025-A8665 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8665
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 23, 2025
                                ___________
 
 Introduced  by M. of A. VANEL -- read once and referred 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, AND WHICH  IS  NOT  EXEMPT
 FROM  THE  PAYMENT  OF CORPORATE FRANCHISE TAXES UNDER ARTICLE NINE-A OF
 THE TAX LAW, SHALL BE AUTHORIZED AND ENTITLED TO RECEIVE  DEPOSITS  FROM
 THE  STATE  COMPTROLLER  AND THE COMMISSIONER 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 DETER-
 MINED JOINTLY BY THE SUPERINTENDENT AND THE STATE COMPTROLLER.  AUTHORI-
 ZATION PURSUANT TO THIS PARAGRAPH SHALL RUN CONCURRENTLY WITH  THE  TERM
 OF  THE  DESIGNATION  OF  A BANKING DEVELOPMENT 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 SUBDIVISION 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.
                                                            LBD07996-03-5

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