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