Imposes a fee of not less than twenty per centum of transaction amounts equal to or exceeding one thousand dollars on customers who initiate international wire transfers without a valid social security number or taxpayer identification number.
Requires banks to report to the superintendent annually on the amount of revenue earned from overdraft fees; prohibits banks from imposing overdraft fees during a ten day grace period; regulates the imposition of overdraft and NSF fees.
Relates to establishing the banking bill of rights; includes due process requirements regarding applications for or closure of credit and deposit accounts and penalties for noncompliance.
Requires individuals who perform compliance functions, duties or tasks to obtain a compliance officer or compliance practitioner license; establishes application and examination requirements to obtain, and continuing education requirements to maintain, licensure; permits the superintendent to issue licensing procedures and to prescribe regulations necessary for the proper supervision of compliance officers and practitioners.
Extends the effectiveness of provisions relating to limiting the check cashing exemption for national banks and other regulated entities to August 1, 2025.
Authorizes the department of financial services to prescribe by regulation the order of payment of checks and other debts, insufficient funds charges and return deposit item charges.
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.
Enacts the New York state money transmission disclosure act; requires each licensee providing a transmission transaction which involves currency of one country into the currency of another country to provide the customer with a written disclosure; authorizes the superintendent of financial services to implement any necessary rules and regulations.
Requires student financial aid award letters to contain information on net costs, defined as an estimate of the costs of attendance after financial aid which does not require repayment and options for loans which do require repayment.
Directs the superintendent of financial services to create a private education debt registry which shall contain information and documentation relating to loans issued by creditors including interest rates and copies of the notes and instruments used by such creditors for education loans.
Prohibits fees for any service rendered through a banking organization relating to the use of an electronic benefit transfer card issued by the state or certain departments or agencies thereof.
Enacts the pro-banking act to mandate acceptance of the New York city identity card as a primary form of identification at all covered entities, including all banking organizations, foreign banking corporations, and interstate branches.