NY A05302

Amends banking law to establish that banking development district designations are valid for ten years from the date of designation, with the superintendent authorized to extend for an additional ten-year period upon demonstrating continued need for banking services.

Requires any bank, trust company, or national bank operating a branch within a banking development district to offer affordable products and services, including financial education services, tailored to community banking needs.

Directs the superintendent to issue determinations on banking development district applications within sixty days of receipt and notify relevant state officials including the state comptroller, commissioner of taxation and finance, and legislative leaders.

Takes effect one hundred eighty days after becoming law.