Includes establishing a branch in a banking development district as a factor indicating that a banking institution is helping to meet the credit needs of its entire community for purposes of assessing such banking institution.
Summary
Bill A00421 amends the New York banking law to include the establishment of a branch in a banking development district as a factor in assessing a banking institution's performance in meeting the credit needs of its community. This change aims to enhance the evaluation criteria used by the superintendent of banks, ensuring that banks are recognized for their contributions to underserved areas. The bill also repeals previous provisions that related to the assessment of banking institutions in this context.
Impact
The bill's passage will modify how banking institutions are evaluated under New York banking law, particularly in relation to their community engagement and credit provision efforts. By emphasizing the importance of branches in banking development districts, the law aims to incentivize banks to expand their services in areas that may be lacking in financial resources. This could lead to increased access to credit and financial services for communities that have historically been underserved.
Sentiment
The sentiment surrounding Bill A00421 appears to be largely favorable, as indicated by the voting history. The bill received strong support in both the Assembly and Senate, with a significant majority of votes in favor during its final passage. This suggests a consensus among lawmakers regarding the importance of enhancing banking services in development districts.
Contention
While the overall sentiment is positive, there may be some contention regarding the implications of the bill for banking institutions, particularly concerning the regulatory burden of establishing branches in specific districts. Some lawmakers may express concerns about the feasibility and financial viability of such expansions, especially for smaller banks. However, specific points of contention were not highlighted in the available discussions or transcripts.
Same As
Includes establishing a branch in a banking development district as a factor indicating that a banking institution is helping to meet the credit needs of its entire community for purposes of assessing such banking institution.
Includes establishing a branch in a banking development district as a factor indicating that a banking institution is helping to meet the credit needs of its entire community for purposes of assessing such banking institution.
Relating to joint accounts in banking institutions and eliminating the requirement that the commissioner approve joint account forms to be used by banking institutions
A bill to amend the Community Development Banking and Financial Institutions Act of 1994 to provide for capitalization assistance to enhance liquidity.
Provides that charges imposed by certain state chartered banking institutions in connection with a check or other written order drawn on insufficient funds shall not exceed the greater of five dollars or the pro rata share of such state chartered banking institution's total direct costs and charge-off losses for providing non-covered overdraft credit.
Adopt changes to federal law regarding banking and finance and change provisions regarding loan limits, branch banking, failing financial institutions, credit unions, surety bonds, and interest rates for damages payable to irrigation districts