NY A10134

Establishes the Bank of Rochester as a not-for-profit corporation owned solely by the City of Rochester, authorized to accept public deposits and provide lending services to local agencies, financial institutions, and community development projects.

Restricts the Bank from competing with commercial banks or local financial institutions, engaging in direct commercial lending, providing retail banking services, or participating in equity markets.

Creates a nine-voting and four-non-voting member board of directors appointed by the Mayor, City Council President, County Legislature President, County Executive, and City Budget Director, with at least five voting directors required to live in Rochester.

Requires the Bank to establish a policy mandate prioritizing loans for worker cooperatives, affordable housing, renewable energy, infrastructure, small businesses, minority-owned enterprises, and student loan refinancing, subject to approval by the Mayor and City Council President.

Exempts the Bank from all state, county, and municipal taxes and requires annual financial reporting to the Governor, State Legislature, Mayor, City Council, and County Legislature by February 1st each year.