Bill > A05167

This bill creates a banking development district working group to comprehensively assess and improve the existing banking development district program by establishing a diverse committee of key government officials who will conduct an initial and then annual assessment of the program. The working group will include representatives from various state and city agencies, including the superintendent, state and city comptrollers, finance commissioners, and legislative committee chairs. They will provide a detailed report to the governor and legislature within one year of the bill's enactment, which must include the number and location of participating bank branches, how the program serves unbanked and underbanked populations (defined in the bill as individuals without any bank account or those with a bank account who have used alternative financial services in the past year), an analysis of the program's strengths and weaknesses, and recommendations for improvement. The bill also requires annual follow-up reports with future program goals. To cover the costs of this working group, an assessment will be imposed on bank branches within banking development districts. The bill will be in effect for two years and then automatically expire, providing a time-limited mechanism to evaluate and potentially enhance banking access in underserved communities.

Budget and Finance, Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A5167