NY A09377

Creates the New York State Banking Authority governed by five trustees appointed by the legislature, governor, comptroller, and attorney general to charter and oversee a new state-owned bank.

Establishes the New York State Bank to provide banking services to low-income individuals (those earning up to 200% of federal poverty level) and cannabis-related businesses that lack access to traditional banking.

Capitalizes the bank using tax revenue from legal cannabis product sales and deposits from low-income individuals and cannabis businesses; all deposits are guaranteed by the state rather than federal deposit insurance.

Requires the bank to comply with federal anti-money laundering and bank secrecy act requirements, including customer due diligence and suspicious activity reporting to federal regulators.

Mandates bank operations begin by September 1, 2023, with quarterly reporting to the comptroller and superintendent; allows dissolution if private banking industry adequately serves these populations.