New York Senate Bill S08147 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 8147--A  IN SENATE January 9, 2024 ___________ Introduced by Sen. SANDERS -- read twice and ordered printed, and when printed to be committed to the Committee on Banks -- reported favora- bly from said committee and committed to the Committee on Finance -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the banking law, in relation to creating a banking development district working group; and providing for the repeal of such provisions upon expiration thereof The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The banking law is amended by adding a new section 96-dd to 2 read as follows: 3 § 96-dd. Banking development district working group. 1. A banking 4 development district working group is hereby established to assess and 5 provide recommendations and future goals for the banking development 6 district program created under section ninety-six-d of this article. 7 2. The banking district working group shall include the following 8 individuals or their representatives, the superintendent, the state 9 comptroller, the New York city comptroller, the commissioner of the New 10 York city department of finance, the commissioner of empire state devel- 11 opment, the attorney general of the state of New York, or the attorney 12 general's designee, the chair of the senate banks committee, the chair 13 of the senate commerce, economic development and small business commit- 14 tee, the chair of the assembly banks committee and the chair of the 15 banking in underserved communities subcommittee. 16 3. No later than one year after the effective date of this section, 17 the working group shall provide an assessment of the current state of 18 the banking development district program to the governor and the legis- 19 lature, including, but not limited to the following information: 20 a. the number of participating banking development district branches 21 and where such branches are located; 22 b. ways the program is helping to serve the unbanked and underbanked 23 as defined in subdivision one-a of section ninety-six-d of this article; 24 c. the strengths and weaknesses of the program; EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10318-07-4 
 S. 8147--A 2 1 d. necessary measures that should be taken to build upon the strengths 2 of the program and eliminate identified weaknesses. 3 4. Annually thereafter, such working group shall continue to provide 4 an assessment of the banking development district program to the gover- 5 nor and the legislature. Along with the information required under 6 subdivision three of this section, such assessment shall provide future 7 goals for the program that shall be incorporated in the upcoming year to 8 continue strengthening such program. 9 § 2. Subdivision 1 of section 96-d of the banking law is amended by 10 adding a new paragraph (b-1) to read as follows: 11 (b-1) the numbers of unbanked and underbanked individuals within the 12 district; 13 § 3. Section 96-d of the banking law is amended by adding a new subdi- 14 vision 1-a to read as follows: 15 1-a. For the purposes of this section, the following terms shall have 16 the following meanings: 17 a. "unbanked" shall mean an individual not served by an insured insti- 18 tution in any capacity; and 19 b. "underbanked" shall mean an individual with an account at an 20 insured institution but who has obtained alternative, nonbank, financial 21 services in the past twelve months. 22 § 4. This act shall take effect immediately and shall expire and be 23 deemed repealed 2 years after such date.