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NY A02017
Bill
Status
1/14/2021
Primary Sponsor
Karines Reyes
Click for details
AI Summary
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Enacts the "New York state federal worker banking assistance act" to encourage banking institutions to provide financial assistance to federal workers during government shutdowns
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Requires the state superintendent of financial services to consider efforts by banks to modify loan terms, extend low- or no-interest loans, or waive fees for covered employees when evaluating institutional performance
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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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Mandates the superintendent issue guidance on these requirements within seven days following any federal appropriations lapse
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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
1/5/2022