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NY A08168
Bill
Status
6/4/2019
Primary Sponsor
Karines Reyes
Click for details
AI Summary
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Establishes the "New York state federal worker banking assistance act" to address banking practices during federal government shutdowns.
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Requires the superintendent of financial services to consider banking institutions' efforts to modify loan terms, extend low- or no-interest loans, or waive fees for covered employees when assessing institutional performance.
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Mandates the superintendent issue guidance within seven days following any lapse in federal discretionary appropriations.
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Defines "covered employees" as federal or District of Columbia employees furloughed during appropriations lapses, and federal contractors not receiving pay due to such lapses.
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Takes effect immediately upon enactment.
Legislative Description
Enacts the "New York state federal worker banking assistance act" to require the superintendent of financial services to take into account efforts of banking institutions to modify terms on existing loans, extend new loans with low- to no-interest rates, or the waiving of fees to help furloughed federal employees during a shutdown when assessing the record of such institutions.
Last Action
referred to banks
1/8/2020