Bill > S02027

This bill establishes a banking development district (BDD) working group to comprehensively assess and improve the existing BDD program, which aims to expand banking services in underserved communities. The working group will include key government officials such as the state superintendent, comptrollers, finance commissioners, and legislative committee chairs. Within one year of the bill's enactment, this group must submit an initial report to the governor and legislature detailing the number and location of participating bank branches, how the program helps serve unbanked and underbanked populations, and an analysis of the program's strengths and weaknesses. The bill also provides clear definitions for "unbanked" (individuals not served by any insured financial institution) and "underbanked" (individuals with a bank account who still use alternative financial services). The working group is required to provide annual assessments with recommendations for improving the program, and the superintendent will fund these efforts by imposing an assessment on bank branches within banking development districts. The bill will automatically expire two years after its enactment, ensuring periodic review and potential renewal of the working group's mandate.

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https://www.nysenate.gov/legislation/bills/2025/S2027