Authorizes the New York state department of financial services to oversee the planned closing of bank branch offices by federally chartered banking organizations.
Summary
Bill S04798 amends the New York banking law to extend oversight to federally chartered banking organizations regarding the planned closing of bank branch offices. The bill mandates that these organizations provide detailed information to the superintendent about branch closures, including the availability of alternative financial services in the affected areas and the economic impact on the community. Additionally, it grants the superintendent the authority to conduct meetings with banking organizations and community groups in areas where branch closures are anticipated.
Impact
The passage of this bill will enhance regulatory oversight of federally chartered banks in New York, aligning their operational requirements with those of state-chartered banks. This change aims to ensure that communities are informed and can prepare for the economic consequences of branch closures, potentially leading to more robust community engagement and support for alternative financial services.
Sentiment
The sentiment surrounding Bill S04798 appears to be generally supportive, as it seeks to protect community interests and ensure transparency from banking organizations. However, there may be concerns from the banking sector regarding the additional regulatory burden imposed by these requirements.
Contention
Notable points of contention may arise from banking organizations that might view the increased oversight as an impediment to their operational flexibility. There could also be differing opinions among legislators regarding the balance between regulatory oversight and the autonomy of federally chartered banks.
Authorizes the New York state department of financial services to oversee the planned closing of bank branch offices by federally chartered banking organizations.
relative to certain laws applicable to state chartered banks, credit unions, trust companies, and other consumer credit entities subject to the authority of the banking department.
Prohibits fees for any service rendered through a banking organization relating to the use of an electronic benefit transfer card issued by the state or certain departments or agencies thereof.
Prohibits the imposition of fees or surcharges for any service rendered through a banking organization relating to the use of an electronic benefit transfer card issued by the state or certain departments or agencies thereof.
Provides that persons engaged in activity for which a license or other authorization from the superintendent of financial services is required under the banking law or financial services law will be subject to a civil penalty.
Allows the department of financial services to have additional oversight of banks and insurance companies that are not currently licensed in this state; provides penalties for violations.
Provides that persons engaged in activity for which a license or other authorization from the superintendent of financial services is required under the banking law or financial services law will be subject to a civil penalty.
Provides for requirements for the appointment of a guardian for personal needs or property management; requires financial institutions to provide all necessary bank statements for a Medicaid application to a requesting department of social services or other state or local agency administering public assistance or medical assistance within a reasonable amount of time of receipt of such request; requires a banking organization, branch in this state of an out-of-state bank or foreign banking corporation to provide such records within thirty days of receipt of such request.