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NY A06409
Bill
Status
3/4/2025
Primary Sponsor
Harry Bronson
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AI Summary
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Establishes the Bank of Rochester as a not-for-profit corporation owned solely by the City of Rochester, operating as a public bank chartered under New York banking law
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Authorizes the bank to accept deposits from local agencies, Monroe County, New York State, and the federal government, and to engage in wholesale lending, participation lending, and infrastructure lending with local financial institutions
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Prohibits the bank from competing with commercial banks or local financial institutions, engaging in direct commercial lending, retail banking, or participating in equity markets
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Creates a 13-member board of directors (9 voting, 4 non-voting) appointed by the Mayor of Rochester, Rochester City Council president, Monroe County executive, and Monroe County legislature president, with required expertise in community banking
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Exempts the bank from all state, county, and municipal taxes, and guarantees deposits of public funds by the State of New York while requiring annual independent audits and detailed financial reporting to state and local officials
Legislative Description
Establishes the bank of Rochester, including provisions related to definitions; sponsors and corporate structure; powers and restrictions; governance; charter requirements; financial and operations frameworks; transparency and financial reporting; insurance; deposits; policy mandates; ethics and financial disclosure; inconsistency with other laws; and owners not to be considered bank holding companies.
Last Action
referred to banks
1/7/2026