Bill > A08705

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 in underbanked communities across New York state. The study must analyze the location and demographics of underbanked communities, examine the causes of limited banking access, review participating financial institutions and their local economic impact (including the number of loans and customers), and provide recommendations for enhancing the program and increasing financial institution participation. The bill defines "underbanked" as having insufficient access to banking and investment services. The superintendent is required to complete the study and submit recommendations to the governor and legislature within twelve months of the act's effective date. By mandating this research, the bill aims to better understand and address financial service gaps in communities that have historically lacked adequate banking resources.

Budget and Finance, Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A8705