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NY A05521
Bill
Status
3/16/2023
Primary Sponsor
Pamela Hunter
Click for details
AI Summary
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Authorizes minority depository institutions (as defined by federal law) with offices in unbanked or underbanked communities to receive deposits from the State Comptroller and Commissioner of Taxation and Finance, in addition to municipal deposits.
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Requires the superintendent and state comptroller to jointly determine the amount of such deposits made available to eligible minority depository institutions.
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Authorization for deposits runs concurrently with the banking development district designation term and extends automatically with any district designation extensions.
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Takes effect immediately upon enactment.
Legislative Description
Relates to minority depository institutions which apply to establish a home or branch office in an unbanked or underbanked community; provides that such institutions shall be entitled to receive deposits from the state comptroller and the commissioner of taxation and finance.
Last Action
referred to ways and means
1/3/2024