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NY A09574
Bill
Status
Introduced
1/21/2026
Primary Sponsor
Khaleel Anderson
Click for details
AI Summary
- Authorizes banks participating in the Banking Development District Program to use a deposit placement program as an alternative to traditional security bonds or letters of credit for state deposits
- Limits eligibility to minority depository institutions or banks with less than $10 billion in assets that operate branches in designated banking development districts
- Requires redeposited state funds to be fully insured by FDIC or NCUA, with any uninsured amounts held pending redeposit secured under existing state finance law requirements
- Mandates that participating banks receive reciprocal deposits from other financial institutions equal to or greater than the amount of state money they redeposit
- Grants the Comptroller authority to establish rules governing program duration, deposit limits per institution, and reporting requirements on lending activities
Legislative Description
Allows a bank, in the discretion of the comptroller and the commissioner of taxation and finance, to arrange for the redeposit of moneys, in whole or in part, through a deposit placement program.
Last Action
referred to banks
1/21/2026
Committee Referrals
Banks1/21/2026
Full Bill Text
No bill text available