Bill > S01708

This bill establishes the Bank of Rochester as a not-for-profit municipal bank owned solely by the City of Rochester, with a comprehensive framework for its governance, operations, and purpose. The bank is designed to support local economic development by providing wholesale and participation lending to local financial institutions, local agencies, and infrastructure projects, while explicitly avoiding direct competition with commercial banks or engaging in retail banking. The bank will be governed by a nine-voting and four non-voting board of directors appointed by local government officials, with requirements for board members to have community banking experience and independence. The bank's operations will be guided by a policy mandate focused on advancing public purposes such as supporting worker cooperatives, affordable housing, renewable energy, infrastructure development, small businesses, and other community-oriented initiatives. Key provisions include strict ethical standards, mandatory annual financial reporting and independent audits, tax exemptions, and a guarantee that public fund deposits will be backed by the State of New York. The bank is specifically prohibited from competing with local financial institutions and is designed to complement rather than replace existing banking services in the Rochester area.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S1708