Assemblywoman Marianne Buttenschon (D-Utica/Rome) announced that her bill to ensure state-chartered banks can operate on an equal level with federal banks has passed the Assembly (A.7604).

“The financial industry is continuously changing and evolving, as with all businesses,” Buttenschon said. “State banks provide crucial financial services to our families so it’s vital that they have equal access to new opportunities. This legislation levels the playing field to ensure Mohawk Valley banks and others across the state can compete with national banks and continue helping New Yorkers.”

Buttenschon’s bill would extend the state’s banking “wild card” law for five years. The law authorizes the Superintendent of Financial Services to permit state-chartered banking organizations to exercise banking powers that are available to federal ones. Federal banks can immediately take full advantage of any expanded powers and opportunities in the industry while state banks would be forced to wait without this legislation.