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NY A09947
Bill
Status
2/27/2020
Primary Sponsor
Kenneth Zebrowski
Click for details
AI Summary
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Redefines "community bank institution" to include any state or federally chartered bank, trust company, savings bank, or savings and loan association with less than $10 billion in assets headquartered in New York with predominant operations serving state residents and businesses.
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Expands eligibility criteria to include institutions meeting CRA (Community Reinvestment Act) satisfactory ratings and additional criteria established by the comptroller and commissioner of taxation and finance, such as loan-to-deposit ratios and small business lending records.
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Increases the maximum deposit amount from $250 million to $300 million each that the state comptroller and commissioner of taxation and finance may deposit under the community bank deposit program.
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Removes the $20 million per-institution deposit cap previously in place.
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Requires the comptroller and commissioner of taxation and finance to submit annual joint reports to legislative leadership detailing program efficacy, including number of qualified institutions, participating banks, deposit amounts, and percentage of total state funds deposited.
Legislative Description
Clarifies the definition of "community bank institution", expands eligible deposits to a community bank institution under the community bank deposit program and requires an annual report by the state comptroller and the commissioner of taxation and finance on the efficacy of the community bank deposit program.
Last Action
referred to banks
2/27/2020