Permits the submission of applications for banking development district designations regardless of the date the applicant opened, banks and trust companies need not have opened after December 31, 1996.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A7272
SPONSOR: Anderson TITLE OF BILL:
An act to amend the banking law, in relation to permitting the
submission of applications for banking development district designations
regardless of the date the applicant opened
SUMMARY OF SPECIFIC PROVISIONS:
Section one. Subdivision 2-a of section 96-d of the banking law is
amended to allow applications for banking development district desig-
nation, provided the bank branch was opened after December 31st, 1996.
Section two provides the effective date.
JUSTIFICATION:
As the state experiences increasing branch closures, decreasing branch
openings, and areas that are financially underserved continue to experi-
ence challenges in attracting or retaining local banking services, the
current statute limits the extent to which the BDD Program can present a
viable opportunity for a financially underserved community to retain
long-standing local financial services. This program will allow banks
established prior to 1996 to participate in the BDD Program.
PRIOR LEGISLATIVE HISTORY:
New bill.
FISCAL IMPLICATION:
None to the State.
EFFECTIVE DATE:
This act shall take effect immediately.
STATE OF NEW YORK
________________________________________________________________________
7272
2023-2024 Regular Sessions
IN ASSEMBLY
May 16, 2023
___________
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 permitting the
submission of applications for banking development district desig-
nations regardless of the date the applicant opened
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision 2-a of section 96-d of the banking law, as
2 added by chapter 328 of the laws of 1999, is amended to read as follows:
3 2-a. Notwithstanding any other provision of law, an application may be
4 submitted by a local government in conjunction with a bank, trust compa-
5 ny or national bank which has already opened a bank branch within such
6 area[, provided such branch was opened after December thirty-first,
7 nineteen hundred ninety-six]. In considering the criteria authorized
8 pursuant to subdivision one of this section, the superintendent shall
9 also take into account the importance and benefits of preserving the
10 banking services offered by the existing branch.
11 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD11296-01-3
