Bill > A08665

This bill amends the banking law to allow minority depository institutions (defined by a federal act as banks primarily serving minority communities) that establish a home or branch office in an unbanked or underbanked community to receive state deposits. Specifically, if such an institution is located in a community deemed by the state superintendent to be underserved by banking services and is not exempt from corporate franchise taxes, it can receive deposits from the state comptroller and the commissioner of taxation and finance. The amount of these deposits will be jointly determined by the superintendent and state comptroller, and the authorization will run concurrently with the institution's designation as part of a banking development district. The goal appears to be to support minority-owned financial institutions and improve banking access in communities that traditionally have limited banking services. The bill takes effect immediately, though its provisions are subject to existing laws regarding the sunset of the relevant banking law subdivision.

Budget and Finance, Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A8665