Assembly Bill A2962

2023-2024 Legislative Session

Relates to the community bank deposit program

download bill text pdf

Sponsored By

Current Bill Status - Stricken


  • 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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2023-A2962 (ACTIVE) - Details

Law Section:
Banking Law
Laws Affected:
Amd §§86 & 87, Bank L
Versions Introduced in Other Legislative Sessions:
2019-2020: A9947
2021-2022: A115

2023-A2962 (ACTIVE) - Summary

Clarifies the definition of "community bank institution"; expands eligible deposits to a community bank institution under the community bank deposit program; requires an annual report by the state comptroller and the commissioner of taxation and finance of the efficacy of the community bank deposit program.

2023-A2962 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2962
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 1, 2023
                                ___________
 
 Introduced  by  M.  of  A.  ZEBROWSKI  --  read once and referred to the
   Committee on Banks
 
 AN ACT to amend the banking law, in relation  to  clarifying  the  defi-
   nition of "community bank institution", expanding eligible deposits to
   a  community bank institution under the community bank deposit program
   and requiring an annual  report  by  the  state  comptroller  and  the
   commissioner  of taxation and finance on the efficacy of the community
   bank deposit program
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 86 of the banking law, as amended by chapter 274 of
 the laws of 2007, is amended to read as follows:
   § 86. Eligibility. 1. FOR PURPOSES OF THIS ARTICLE, THE TERM "COMMUNI-
 TY BANK INSTITUTION" SHALL MEAN ANY STATE OR FEDERALLY CHARTERED BANKING
 INSTITUTION  AND  SHALL INCLUDE ANY BANK, TRUST COMPANY, SAVINGS BANK OR
 SAVINGS AND LOAN ASSOCIATION WITH  LESS  THAN  TEN  BILLION  DOLLARS  IN
 ASSETS  THAT IS HEADQUARTERED IN THIS STATE AND WHOSE PREDOMINANT RETAIL
 AND COMMERCIAL BANKING OPERATIONS SERVE RESIDENTS AND BUSINESSES OF THIS
 STATE, AS DETERMINED BY THE SUPERINTENDENT IN HIS OR HER SOLE DISCRETION
 AND PURSUANT TO SUCH RULES AND REGULATIONS AS THE  SUPERINTENDENT  DEEMS
 NECESSARY TO IMPLEMENT AND ADMINISTER THESE PROVISIONS.
   2.  To  be eligible to receive deposits, or to renew existing deposits
 under this program, a [bank, trust company, savings bank or savings  and
 loan  association:  (a)  must  be chartered under the provisions of this
 chapter and (b)] COMMUNITY BANK INSTITUTION:
   (A) must have a current CRA rating  of  satisfactory  or  better.  The
 superintendent  shall,  if  requested  by  the  state comptroller or the
 commissioner of taxation and finance, confirm whether a particular bank-
 ing institution meets the criteria specified in this section; AND
   (B) MEET ANY ADDITIONAL CRITERIA ESTABLISHED BY  THE  COMPTROLLER  AND
 THE  COMMISSIONER  OF  TAXATION AND FINANCE TO DETERMINE ELIGIBILITY FOR
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00456-01-3
              

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