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NY A02962
Bill
Status
2/1/2023
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 whose predominant operations serve New York residents and businesses.
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Requires eligible community bank institutions to have a current Community Reinvestment Act (CRA) rating of satisfactory or better and meet additional criteria established by the comptroller and commissioner of taxation and finance, including loan-to-deposit ratio and small business lending records.
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Increases the maximum amount of state funds that the comptroller and commissioner of taxation and finance may deposit under the program from $250 million to $300 million each.
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Requires the comptroller and commissioner of taxation and finance to submit an annual joint report to legislative leadership and relevant committees detailing the program's efficacy, including number of participating institutions, deposit amounts, and percentage of total state funds deposited.
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Takes effect 120 days after enactment, with authorization for immediate regulatory changes needed for implementation.
Legislative Description
Clarifies the definition of "community bank institution"; expands eligible deposits to a community bank institution under the community bank deposit program; requires an annual report by the state comptroller and the commissioner of taxation and finance of the efficacy of the community bank deposit program.
Last Action
enacting clause stricken
7/15/2024