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NY S03615
Bill
Status
1/29/2025
Primary Sponsor
James Sanders
Click for details
AI Summary
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Minority depository institutions (as defined by the federal Financial Institution Reform, Recovery, and Enforcement Act of 1989) with offices in unbanked or underbanked communities would be authorized to receive state deposits from the comptroller and commissioner of taxation and finance
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The amount of state deposits would be determined jointly by the superintendent of banking and the state comptroller
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State deposit authorization would run concurrently with the institution's banking development district designation and any extensions of that designation
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This expands existing authorization for municipal deposits to also include state-level deposits for qualifying minority depository institutions serving underserved communities
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
REPORTED AND COMMITTED TO FINANCE
2/26/2026