Bill > S08199

This bill directs the superintendent of financial services to conduct a comprehensive study on the Banking Development District (BDD) program to improve financial services accessibility for unbanked and underbanked communities in New York state. The study must include an analysis of the location and demographics of underbanked communities, identifying the root causes of limited banking access, and a review of participating financial institutions, detailing their local economic impact through metrics like number of loans and customers. The bill requires the superintendent to develop recommendations for enhancing the BDD program and increasing financial institution participation. The study must be completed and submitted to the governor and legislature within twelve months of the act's effective date. The bill defines "underbanked" as having insufficient access to financial institutions for banking and investment services. The legislation will take effect immediately upon passage, aiming to address financial service disparities in New York's communities.

Budget and Finance, Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S8199