NY A05516

Amends the banking law to modify criteria for establishing banking development districts that encourage bank branch locations in underserved areas.

Adds requirement that the superintendent of financial services must consider whether a community is identified as unbanked or underbanked when establishing banking development districts.

Expands the list of criteria from six to seven factors, making unbanked/underbanked status an explicit consideration alongside existing factors like banking service proximity, consumer needs, economic viability, and commercial development.

Requires the superintendent to consult with the department of economic development and conduct public hearings before promulgating rules and regulations for the program.

Takes effect immediately upon enactment.