NY A09636

Establishes a banking development district working group to assess and provide recommendations for the banking development district program under section 96-d of the banking law.

Superintendent shall impose an assessment on bank branches located within banking development districts to cover all costs associated with the working group.

Working group membership includes the superintendent, state comptroller, NYC comptroller, NYC finance commissioner, empire state development commissioner, and chairs of relevant senate and assembly banking committees.

Working group must provide an initial assessment within one year and annual assessments thereafter to the governor and legislature, including participating branch locations, effectiveness serving unbanked and underbanked populations, program strengths and weaknesses, and recommendations for improvement.

Defines "unbanked" as individuals not served by an insured institution and "underbanked" as individuals with insured institution accounts who obtained alternative nonbank financial services in the past 12 months.

Act takes effect immediately and expires and is repealed 2 years after enactment.