Bill > S00163

This bill mandates that all banking organizations, foreign banking corporations, and interstate branches in New York must accept the New York City identity card (NYC ID) as a primary form of identification for opening bank accounts. The legislation aims to address financial inclusion for vulnerable populations, including residents of color, undocumented residents, and those living below the poverty line who are often unbanked. If a customer's NYC ID does not include a street address, banks cannot deny account services if the customer can provide an alternative contact address. The bill requires banks to treat the NYC ID as satisfying customer identification program requirements, though the superintendent of financial services can exempt a covered entity if it cannot comply with federal laws or regulations. The legislative findings highlight that as of 2017, 11.2 percent of New York City households were unbanked, and only about one-third of city banks previously accepted the NYC ID. The law is designed to expand access to banking services and reduce economic inequality by ensuring more residents can open bank accounts. The bill will take effect 180 days after becoming law.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S163