NY A05175

Superintendent of Financial Services must conduct a comprehensive study and report on banking products and services in low income communities and compare them to higher income communities

Study must examine differences in products/services offered, fee structures (ATM fees, checking account fees, overdraft fees), and interest rates charged by traditional banks, credit unions, and check cashers

Study must analyze payday loan prevalence and interest rates in low income communities and evaluate the impact and relevance of state and federal Community Reinvestment Act provisions

Report must be submitted to the Governor, Speaker of the Assembly, and Temporary President of the Senate no later than January 1, 2016

Superintendent is authorized to request relevant information from other state agencies subject to existing confidentiality requirements; act expires January 1, 2016