Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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Mar 09, 2012 |
referred to banks |
Senate Bill S6692
2011-2012 Legislative Session
Sponsored By
(R, C) 53rd Senate District
Archive: Last Bill Status - In Senate Committee Banks Committee
- Introduced
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- In Committee Assembly
- In Committee Senate
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- On Floor Calendar Assembly
- On Floor Calendar Senate
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- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2011-S6692 (ACTIVE) - Details
2011-S6692 (ACTIVE) - Sponsor Memo
BILL NUMBER:S6692 TITLE OF BILL: An act to amend the banking law, in relation to banking development districts PURPOSE OR GENERAL IDEA OF BILL: This bill would strengthen the Banking Development District (BDD) program by clarifying the goals of the program and the criteria by which a branch's effectiveness should be measured. SUMMARY OF SPECIFIC PROVISIONS: This bill amends Section 96-d (6) of the Banking Law by adding new subdivisions (a) and (b). Subdivision (a) would require BDD branch's to provide affordable products and services, which include financial educational services within their community, and Subdivision (b), would require participating BDD branch's to meet certain criteria in order to qualify for renewal of their deposit. JUSTIFICATION:
2011-S6692 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6692 I N S E N A T E March 9, 2012 ___________ Introduced by Sen. GRIFFO -- read twice and ordered printed, and when printed to be committed to the Committee on Banks AN ACT to amend the banking law, in relation to banking development districts THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 96-d of the banking law is amended by adding a new subdivision 7 to read as follows: 7. (A) IN ORDER TO MEET THE DEMONSTRATED NEED FOR BANKING SERVICES IN A BANKING DEVELOPMENT DISTRICT, ANY BANK, TRUST COMPANY OR NATIONAL BANK THAT HAS ESTABLISHED A BRANCH WITHIN A BANKING DEVELOPMENT DISTRICT SHALL OFFER AFFORDABLE PRODUCTS AND SERVICES, INCLUDING FINANCIAL EDUCA- TION SERVICES, TAILORED TO THE BANKING NEEDS OF THE COMMUNITY IN WHICH THE BRANCH IS LOCATED. (B) ANY BANK, TRUST COMPANY OR NATIONAL BANK THAT HAS ESTABLISHED A BRANCH IN A BANKING DEVELOPMENT DISTRICT THAT SEEKS TO REMAIN IN THE BANKING DEVELOPMENT DISTRICT PROGRAM SHALL APPLY FOR RENEWAL OF AUTHORI- ZATION TO PARTICIPATE IN THE BANKING DEVELOPMENT DISTRICT PROGRAM IN A FORM AND MANNER DETERMINED BY THE SUPERINTENDENT. THE SUPERINTENDENT SHALL DETERMINE THE CRITERIA TO BE USED IN EVALUATING WHETHER TO GRANT SUCH RENEWAL REQUEST. SUCH CRITERIA SHALL INCLUDE, AT A MINIMUM, THE EXTENT TO WHICH THE BRANCH HAS MET ITS GOALS AS STATED IN ITS ORIGINAL BANKING DEVELOPMENT DISTRICT APPLICATION; THE EXTENT TO WHICH THE GOALS STATED IN ITS ORIGINAL APPLICATION CONTINUE TO BE RESPONSIVE TO THE BANKING NEEDS OF THE BANKING DEVELOPMENT DISTRICT IN WHICH THE BRANCH IS LOCATED; THE EXTENT TO WHICH THE BRANCH HAS BEEN RESPONSIVE TO THE BANK- ING NEEDS OF, AND ENJOYS THE SUPPORT OF, THE COMMUNITY IN WHICH IT IS LOCATED; THE QUALITY OF AFFORDABLE PRODUCTS AND SERVICES OFFERED BY THE BRANCH; THE EXTENT OF FINANCIAL EDUCATION ACTIVITIES IN WHICH THE BRANCH HAS PARTICIPATED; OTHER INFORMATION REGARDING THE BRANCH, INCLUDING ITS PROFITABILITY, LENDING ACTIVITIES AND EMPLOYMENT LEVELS. S 2. This act shall take effect on the ninetieth day after it shall have become a law. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14288-02-2
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