Amd §28-b, rpld §28-b sub 3 ¶(a) sub¶ 10-a, Bank L (as proposed in S.6648 & A.6090)
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.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A421
SPONSOR: Anderson 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 OR GENERAL IDEA OF BILL:
The purpose of this bill is to effectuate chapter 658 of the laws of
2024 (approval memo 86), which includes participation in a BDD as a
factor when assessing a banking institution's record of performance in
relation to the Community Reinvestment Act of 1977.
SUMMARY OF PROVISIONS:
Section One: Amends subparagraph 12 of paragraph (a) of subdivision 3 of
section 28-b of the banking law to incorporate voluntary participation
in a BDD in DFS' assessment of a banking institution's performance.
Section Two: Repeals subparagraph 10-a of-the paragraph (a) of subdivi-
sion 3 of section 28-b of the banking laws of 2024 as proposed in a
legislative bills numbers 56648 and A6090.
Section Three: Effective date.
JUSTIFICATION:
This chapter makes technical amendments to clarify chapter 658 of the
laws of 2024.
PRIOR LEGISLATIVE HISTORY:
This bill is a chapter amendment to chapter 658 of the laws of 2024.
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
None to the state.
EFFECTIVE DATE:
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 relating to includ-
ing participation in a banking development district as a factor when
assessing a banking institution's record a performance, as proposed in
legislative bills number S. 6648 and A. 6090, takes effect.
STATE OF NEW YORK
________________________________________________________________________
421
2025-2026 Regular Sessions
IN ASSEMBLY(Prefiled)
January 8, 2025
___________
Introduced by M. of A. ANDERSON -- read once and referred to the Commit-
tee on Banks
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:
1 Section 1. Subparagraph 12 of paragraph (a) of subdivision 3 of
2 section 28-b of the banking law, as amended by chapter 264 of the laws
3 of 2019, is amended to read as follows:
4 (12) Other factors that, in the judgment of the superintendent,
5 reasonably bear upon the extent to which a banking institution is help-
6 ing to meet the credit needs of its entire community, including, without
7 limitation, the banking institution's participation in credit counseling
8 services or participation in a banking development district established
9 pursuant to section ninety-six-d of this chapter by establishing a
10 branch in such district.
11 § 2. Subparagraph 10-a of paragraph (a) of subdivision 3 of section
12 28-b of the banking law as added by a chapter of the laws of 2024 amend-
13 ing the banking law relating to including participation in a banking
14 development district as a factor when assessing a banking institution's
15 record of performance, as proposed in legislative bills numbers S. 6648
16 and A. 6090, is REPEALED.
17 § 3. This act shall take effect on the same date and in the same
18 manner as a chapter of the laws of 2024 amending the banking law relat-
19 ing to including participation in a banking development district as a
20 factor when assessing a banking institution's record of performance, as
21 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
