Bill > S04798

This bill amends the New York State Banking Law to expand the New York State Department of Financial Services' oversight of bank branch closings. Currently, the law allows the superintendent (head of the department) to receive detailed information and conduct meetings about planned branch closures for state-chartered banks. The bill will now extend this authority to include federally chartered banking organizations, giving the department the ability to gather information about planned branch closures, assess the impact on local communities, and understand the availability of alternative financial services in the area. By broadening the scope of oversight to include both state and federally chartered banks, the bill aims to provide more comprehensive regulatory insight into banking service changes that could affect local communities. The bill would take effect immediately upon passage, allowing the department to begin applying these expanded oversight requirements right away.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S4798