NY State Senate Bill 2015-S157

Senate Bill S157

2015-2016 Legislative Session

Provides for the inclusion of low income credit unions in the banking development district program in cities having a population of one million or more persons

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Archive: Last Bill Status - In Senate Committee Rules Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 08, 2016	reported and committed to rules
Jan 06, 2016	referred to banks
Jan 07, 2015	referred to banks

Votes

- Jun 8, 2016 - Banks Committee Vote
  S157
  
  11
  
  Aye
  
  2
  
  Nay
  
  5
  
  Aye with Reservations
  
  1
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Banks Committee Vote: Jun 8, 2016
      
      aye (11)
      
      Amedore
      
      Avella
      
      Breslin
      
      Hamilton
      
      Kennedy
      
      Latimer
      
      Marcellino
      
      Marchione
      
      Parker
      
      Sanders Jr.
      
      Savino
      
      nay (2)
      
      Akshar
      
      Bonacic
      
      aye wr (5)
      
      Farley
      
      Golden
      
      Martins
      
      Murphy
      
      O'Mara
      
      absent (1)
      
      Diaz

co-Sponsors

2015-S157 (ACTIVE) - Details

See Assembly Version of this Bill:: A5745
Current Committee:: Senate Rules
Law Section:: Banking Law
Laws Affected:: Amd §96-d, Bank L
Versions Introduced in Other Legislative Sessions:: 2009-2010: S5279, A238
2011-2012: S34, A5932
2013-2014: S194, A1118
2017-2018: S2021, S7100, A3942, A10232
2019-2020: S2342, A5085
2021-2022: S2902

2015-S157 (ACTIVE) - Summary

Provides for the inclusion of low income credit unions in the banking development district program in cities having a population of one million or more persons.

2015-S157 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S157

 TITLE OF BILL :  An act to amend the banking law, in relation to
including low income credit unions in the banking development district
program

 PURPOSE OF BILL :

To include low-income credit unions in the state's banking development
districts program in cities with a population of one million or more.

 SUMMARY OF PROVISIONS :

Section 1 amends Section 96-d of the banking law to include low-income
credit unions as defined in state law or by the National Credit Union
Association in the banking development districts program in the City
of New York.

Section 2 provides the effective date.

 JUSTIFICATION :

Section 96-d of the Banking Law, entitled "Banking Development
Districts" (BDD's) is designed to increase access to banking services
by supporting branches in areas where there is a demonstrated need for
such services. In this way, the program aims to enable local residents

and small business owners to easily become a part of the financial
mainstream, promote economic development by enhancing access to
capital for local businesses.

Section 96-d currently allows state and national banks, trust
companies, savings banks, savings and loan associations, and federal
savings banks to participate in the program, but omits credit unions.
By adding state low-income credit unions (already defined in section
450-a of the banking law), and any federal credit union designated as
low income by the National Credit Union Administration, to the BDD
program, this bill will help them to continue their historic work of
providing affordable financial services to consumers who might
otherwise have difficulty accessing these services.  This bill will
not require support of any particular low-income credit union by any
state or municipal agency, but will merely allow state and federal
low-income credit unions to be considered for such support, on par
with other types of financial institutions already included in the BDD
program.

 LEGISLATIVE HISTORY :

2014-2013: S194/A1118 - Referred to Banks
2012-2011: S34/A5932 - Referred to Banks
2010-2009: S5279/A238 - Advanced to Third Reading Senate/Referred to
Banks
2007-2008: A8883 - Referred to Banks (Kavanagh)

 EFFECTIVE DATE :
This act shall take effect immediately, provided, however, that the
amendments subdivision 5 of sections 96-d of the banking law made by
section one of this act shall not affect the repeal of such
subdivision and shall be deemed to be repealed therewith.

2015-S157 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   157

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 7, 2015
                               ___________

Introduced  by Sen. SQUADRON -- 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  including  low  income
  credit unions in the banking development district program

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision 5 of section 96-d of the banking law, as  added
by  chapter 526 of the laws of 1998, paragraph (a) as amended by chapter
328 of the laws of 1999, and paragraph (b) as further amended by section
104 of part A of chapter 62 of the laws of 2011, is amended to  read  as
follows:
  5.  (a)  Notwithstanding  the provisions of subdivision two of section
two hundred thirty-seven of this  chapter;  for  the  purposes  of  this
section,  paragraph  c  of subdivision two of section ten of the general
municipal law, subdivision six of section one hundred five of the  state
finance  law and section four hundred eighty-five-f of the real property
tax law, any reference to a bank, trust company or national  bank  shall
be  deemed  to  include  a  savings  bank, savings and loan association,
federal savings and loan association or  federal  savings  bank  OR,  IN
CITIES  HAVING  A  POPULATION  OF  ONE  MILLION OR MORE PERSONS, ANY LOW
INCOME CREDIT UNION AS DESIGNATED BY SECTION  FOUR  HUNDRED  FIFTY-A  OF
THIS  CHAPTER OR ANY FEDERAL CREDIT UNION THAT HAS BEEN DESIGNATED A LOW
INCOME  CREDIT  UNION  BY  THE  NATIONAL  CREDIT  UNION  ADMINISTRATION;
provided,  however,  that  such provisions of law do not grant a savings
bank, savings and loan association, federal savings and loan association
or federal savings bank OR, IN CITIES HAVING A POPULATION OF ONE MILLION
OR MORE PERSONS, ANY LOW INCOME CREDIT UNION AS  DESIGNATED  BY  SECTION
FOUR  HUNDRED  FIFTY-A  OF THIS CHAPTER OR ANY FEDERAL CREDIT UNION THAT
HAS BEEN DESIGNATED A LOW INCOME CREDIT UNION  BY  THE  NATIONAL  CREDIT
UNION  ADMINISTRATION eligibility to accept municipal or public funds or

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

                                                           LBD00847-01-5

S. 157                              2

municipal or public moneys other than for the limited  purposes  of  the
establishment  of a branch in a banking development district pursuant to
this section. Any such municipal or public  funds  or  moneys  shall  be
deposited  only  at the branch established pursuant to this section, and
any municipal funds or moneys may be deposited only  by  the  sponsoring
municipality  in  which  the branch and banking development district are
located; provided further that any such municipal  or  public  funds  or
moneys  shall be subject to the same requirements which apply to munici-
pal or public funds or moneys deposited in  a  bank,  trust  company  or
national bank and shall also be subject to the provisions of section one
hundred  five  of  the  state  finance law or section ten of the general
municipal law relating to such deposits.
  (b) Notwithstanding any other provision of law, the superintendent  of
financial  services  shall promulgate rules and regulations to authorize
the participation of  savings  banks,  savings  and  loan  associations,
federal  savings  banks and federal savings and loan associations OR, IN
CITIES HAVING A POPULATION OF ONE  MILLION  OR  MORE  PERSONS,  ANY  LOW
INCOME  CREDIT  UNION  AS  DESIGNATED BY SECTION FOUR HUNDRED FIFTY-A OF
THIS CHAPTER OR ANY FEDERAL CREDIT UNION THAT HAS BEEN DESIGNATED A  LOW
INCOME  CREDIT  UNION BY THE NATIONAL CREDIT UNION ADMINISTRATION in the
program established pursuant to this section.
  S 2. This act shall take effect immediately, provided,  however,  that
the  amendments to subdivision 5 of section 96-d of the banking law made
by section one of this act shall not affect the repeal of such  subdivi-
sion and shall be deemed repealed therewith.

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Senate Bill S157

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Sponsored By

Daniel L. Squadron