Assembly Bill A8705

2025-2026 Legislative Session

Directs the department of financial services to conduct a study on the banking development district program and to make recommendations to improve such program

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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-A8705 (ACTIVE) - Details

See Senate Version of this Bill:
S8199
Current Committee:
Assembly Banks
Law Section:
Financial Services

2025-A8705 (ACTIVE) - Summary

Directs the department of financial services to conduct a study on the banking development district program and to make recommendations to improve such program.

2025-A8705 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8705
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 30, 2025
                                ___________
 
 Introduced  by M. of A. VANEL -- read once and referred to the Committee
   on Banks
 
 AN ACT to direct the department of financial services to conduct a study
   on the banking development district program and  to  make  recommenda-
   tions to improve such program
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The superintendent of financial services is hereby  author-
 ized  and  directed  to  prepare or have prepared a study of the banking
 development district program and to provide recommendations  to  improve
 this  program for the purpose of making financial services accessible to
 unbanked and underbanked communities and households.  Such  study  shall
 include, but not be limited to:
   1.  analysis  of the location and demographics of underbanked communi-
 ties and households in New York state  and  the  causes  of  underbanked
 communities and households in New York state;
   2.  review of the banking development district program listing all the
 participating financial institutions and their  local  economic  impact,
 including number of loans and customers; and
   3. recommendations on how it could be improved and increase the number
 of participating financial institutions.
   § 2. Such study and recommendations shall be completed and provided to
 the  governor  and the legislature within twelve months of the effective
 date of this act.
   § 3. As used in this act the  term  "underbanked"  shall  mean  having
 insufficient access to financial institutions for the purpose of banking
 and investment services.
   § 4. This act shall take effect immediately.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13168-01-5

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