NY A08857

Creates the State of New York Public Bank as an independent institution to manage state deposits and generate public benefit through lending and investment in infrastructure, education, housing, and small business development.

Establishes a Public Bank Commission with at least seven members appointed by the governor, legislative leaders, and state comptroller to serve as the primary governing authority; requires bank operations to commence by April 1, 2023.

Authorizes the bank to accept state deposits once capacity is built, provide infrastructure loans, offer low-cost student loans in partnership with community banks, and leverage 30% of public deposits for lending to small businesses, minority- and women-owned enterprises, and underserved communities.

Requires the bank to maintain safety and soundness standards subject to examination by the Department of Financial Services, submit quarterly reports to the commission, and provide an annual report to the legislature by December 1st each year.

Exempts the bank from state and local fees and taxes; all deposits in the bank are guaranteed by the state; bank records related to financial and commercial information may be shared between the department and comptroller for administration and enforcement purposes.