Bill > S03546

This bill provides a ten-year exemption from certain reporting requirements for minority depository institutions (MDIs) that are subject to the Community Reinvestment Act of 1977. Specifically, the bill amends the New York banking law to exempt MDIs, as defined by the Federal Financial Institution Reform, Recovery, and Enforcement Act of 1989, from filing documents and reports with the superintendent of financial services for a decade after they begin doing business. The Community Reinvestment Act is a federal law designed to encourage banks to meet the credit needs of all community segments, including low and moderate-income neighborhoods. By providing this temporary exemption, the bill aims to reduce administrative burdens on newly established minority-owned financial institutions, potentially making it easier for them to start and grow their businesses by eliminating some regulatory paperwork during their initial years of operation.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S3546