NY A04820

Amends Economic Development Law Section 100 to require the Department of Economic Development to identify state and federally chartered banking organizations that have made significant commitments to community reinvestment and emerging domestic markets, in consultation with the Division of Housing and Community Renewal and the Banking Department.

Mandates the Department make this banking information publicly available in written form and on its website.

Requires the Department to conduct an outreach program to proactively provide this information to regional and local economic developers and financial institutions.

Defines "emerging domestic markets" as people, places, or business enterprises with growth potential facing capital constraints due to systemic undervaluation, including ethnic- and women-owned firms, urban and rural communities, low-to-moderate-income serving companies, and small to medium-sized businesses.

Takes effect immediately upon enactment.