Bill > S00812

This bill amends the New York banking law to include establishing a branch in a banking development district (BDD) as a factor that can be considered when evaluating whether a banking institution is effectively meeting the credit needs of its entire community. A banking development district is a designated area where banks are encouraged to provide financial services in underserved communities. The bill adds language to existing law that explicitly recognizes a bank's participation in a BDD by establishing a branch as a positive indicator of community engagement. Section 2 of the bill repeals a previously proposed subparagraph related to the same topic, and Section 3 ensures that the bill's effective date will coincide with another related piece of legislation (Senate Bill 6648 and Assembly Bill 6090). By including BDD participation as an assessment factor, the bill aims to incentivize banks to expand their services in potentially economically disadvantaged or underserved areas, potentially improving access to financial services for those communities.

https://www.nysenate.gov/legislation/bills/2025/S812