Bill > A06662

This bill mandates that all banking organizations, foreign banking corporations, and interstate branches in New York must accept the New York City identity card (NYC ID) as a primary form of identification when customers are opening bank accounts. The legislation aims to address financial inclusion by ensuring that vulnerable populations, including undocumented residents and those living below the poverty line, can access banking services. Currently, only about one-third of city banks accept the NYC ID, leaving approximately 11.2 percent of households in New York City unbanked. The bill requires covered entities to accept the NYC ID for account-opening purposes, even if the card does not include a street address, in which case the customer can provide an alternative contact's address. The superintendent of financial services is granted the power to exempt entities that can demonstrate inability to comply with federal regulations. The legislation is designed to reduce economic inequality and help residents who have traditionally been marginalized from the financial system by providing a standardized form of identification that can be used to open bank accounts. The bill will take effect 180 days after becoming law.

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https://www.nysenate.gov/legislation/bills/2025/A6662