Provides for joint and survivorship accounts, provides that absent indication to the contrary, funds remaining in such an account upon the death of the depositor shall be deemed part of the depositor's estate.
Includes participation in a banking development district as a factor when assessing a banking institution's record of performance in relation to the Community Reinvestment Act of 1977.
Relates to the capital access program; focuses on minority and women-owned business enterprises and small businesses located in highly distressed areas to assist them in processing and being approved for qualifying program loans; requires the engagement in outreach and marketing to financial institutions to increase awareness of the program.
Enacts the New York state bank act creating the New York state banking authority and New York state bank to serve New York state residents and businesses currently underserved by banking institutions.
Relates to establishing limitations on bank accounts after such accounts have been closed including opening or re-opening such account, requesting a deposit or withdrawal or assessing certain fees.
Prohibits certain financial institutions from charging a fee for periodic paper statements when such statements are required for an application for public assistance.
Relates to sharing information obtained from applicants and licensees and requesting financial institutions for the purpose of consideration and compliance.
Allows the department of financial services to have additional oversight of banks and insurance companies that are not currently licensed in this state; provides penalties for violations.