NY State Senate Bill 2025-S812

Senate Bill S812

2025-2026 Legislative Session

Includes establishing a branch in a banking development district as a factor indicating that a bank is helping to meet the credit needs of its entire community for purposes of assessing such bank; repealer

download bill text pdf

Current Bill Status - On Floor Calendar

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
Jan 13, 2025	ordered to third reading cal.86
Jan 08, 2025	referred to rules

Votes

- Jan 13, 2025 - Rules Committee Vote
  S812
  
  14
  
  Aye
  
  6
  
  Nay
  
  1
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: Jan 13, 2025
      
      aye (14)
      
      Addabbo Jr.
      
      Bailey
      
      Comrie
      
      Fernandez
      
      Gianaris
      
      Harckham
      
      Hoylman-Sigal
      
      Krueger
      
      Liu
      
      Mayer
      
      Myrie
      
      Parker
      
      Sepúlveda
      
      Stewart-Cousins
      
      nay (6)
      
      Gallivan
      
      Griffo
      
      Helming
      
      O'Mara
      
      Ortt
      
      Stec
      
      aye wr (1)
      
      Lanza

2025-S812 (ACTIVE) - Details

See Assembly Version of this Bill:: A421
Law Section:: Banking Law
Laws Affected:: Amd §28-b, rpld §28-b sub 3 ¶(a) sub¶ 10-a, Bank L (as proposed in S.6648 & A.6090)

2025-S812 (ACTIVE) - Summary

Includes establishing a branch in a banking development district as a factor indicating that a banking institution is helping to meet the credit needs of its entire community for purposes of assessing such banking institution.

2025-S812 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S812

SPONSOR: SANDERS
 
TITLE OF BILL:

An act to amend the banking law, in relation to including establishing a
branch in a banking development district as a factor indicating that a
banking institution is helping to meet the credit needs of its entire
community for purposes of assessing such banking institution's perform-
ance; and to repeal certain provisions of such law relating thereto

 
PURPOSE:

This chapter amendment clarifies that the Department of Financial
Services may consider the participation in a banking development
district for the purposes of assessing an institution's performance in
meeting the credit needs of its community.

 
SUMMARY OF SPECIFIC PROVISIONS:

Section one amends the banking law to state that the Department of
Financial Services (DFS) may consider participation in a Banking Devel-

opment District during a bank's Community Investment Act examination.

Section two repeals the underlying chapter that would have required
consideration of Banking Development District participation for every
bank examination.

Section three includes the effective date.

 
JUSTIFICATION:

This bill amends L.2024 c.656 to specify that the Department of Finan-
cial Services may rather than must consider participation in a Banking
Development District in a bank's performance evaluation. The optionality
reflects that not all banks may be eligible to participate in a Banking
Development District. Banks that participate in the Banking Development
District program will be rewarded for meeting the credit needs of un and
under-banked communities, but banks that do not participate will not be
penalized on their evaluations.

This bill is a negotiated change to the underlying chapter.

 
LEGISLATIVE HISTORY:

This bill amends Chapter 658 of the Laws of 2024. S.6648 and A.6090
passed the Senate and Assembly in May 2024.

 
FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect on the same date and in the same manner as
chapter 658 of the laws of 2024 amending the banking law relating to
including participation in a banking development district as a factor
when assessing a banking institution's record of performance, as
proposed in legislative bills numbers 8.6648 and A.6090, takes effect.

2025-S812 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    812
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 8, 2025
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the banking law, in relation to including establishing a
   branch in a banking development district as a factor indicating that a
   banking institution is helping to meet the credit needs of its  entire
   community   for  purposes  of  assessing  such  banking  institution's
   performance; and to repeal certain provisions  of  such  law  relating
   thereto
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subparagraph 12  of  paragraph  (a)  of  subdivision  3  of
 section  28-b  of the banking law, as amended by chapter 264 of the laws
 of 2019, is amended to read as follows:
   (12) Other factors  that,  in  the  judgment  of  the  superintendent,
 reasonably  bear upon the extent to which a banking institution is help-
 ing to meet the credit needs of its entire community, including, without
 limitation, the banking institution's participation in credit counseling
 services OR PARTICIPATION IN A BANKING DEVELOPMENT DISTRICT  ESTABLISHED
 PURSUANT  TO  SECTION  NINETY-SIX-D  OF  THIS  CHAPTER BY ESTABLISHING A
 BRANCH IN SUCH DISTRICT.
   § 2. Subparagraph 10-a of paragraph (a) of subdivision  3  of  section
 28-b of the banking law as added by a chapter of the laws of 2024 amend-
 ing  the  banking  law  relating to including participation in a banking
 development district as a factor when assessing a banking  institution's
 record  of performance, as proposed in legislative bills numbers S. 6648
 and A. 6090, is REPEALED.
   § 3. This act shall take effect on the  same  date  and  in  the  same
 manner  as a chapter of the laws of 2024 amending the banking law relat-
 ing to including participation in a banking development  district  as  a
 factor  when assessing a banking institution's record of performance, as
 proposed in legislative bills numbers S. 6648 and A. 6090, takes effect.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

                       [ ] is old law to be omitted.
                                                            LBD02856-01-5

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