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NY A08665
Bill
Status
5/23/2025
Primary Sponsor
Clyde Vanel
Click for details
AI Summary
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Authorizes minority depository institutions (as defined by the federal Financial Institution Reform, Recovery, and Enforcement Act of 1989) with offices in unbanked or underbanked communities to receive state deposits from the state comptroller and commissioner of taxation and finance
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Applies to minority depository institutions that are not exempt from corporate franchise taxes under Article 9-A of the tax law
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Deposit amounts would be determined jointly by the superintendent of the Department of Financial Services and the state comptroller
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Authorization to receive state deposits runs concurrently with the banking development district designation term and any extensions granted by the superintendent
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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
1/7/2026