Bill Text: NY A01772 | 2019-2020 | General Assembly | Amended

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Bill Title: Requires the assessment of a banking institution's record of performance to be in writing detailing the record of performance in helping to meet the credit needs of local communities.

Spectrum: Partisan Bill (Democrat 6-0)

Status: (Passed) 2019-12-06 - SIGNED CHAP.590 [A01772 Detail]

Download: New_York-2019-A01772-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         1772--A

                               2019-2020 Regular Sessions

                   IN ASSEMBLY

                                    January 17, 2019
                                       ___________

        Introduced by M. of A. PEOPLES-STOKES, CRESPO, RODRIGUEZ, WEPRIN, PERRY,
          DICKENS -- read once and referred to the Committee on Banks -- commit-
          tee  discharged, bill amended, ordered reprinted as amended and recom-
          mitted to said committee

        AN ACT to amend the banking law, in relation to assessment of the record
          of performance of banking institutions in helping to meet  the  credit
          needs of local communities

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. The opening paragraph of paragraph (a) of subdivision 3  of
     2  section  28-b  of the banking law, as amended by chapter 227 of the laws
     3  of 2013, is amended to read as follows:
     4    When taking any action on an application or notice made by  a  banking
     5  institution under (i) section one hundred five, two hundred twenty-four,
     6  two  hundred  forty,  or  three hundred ninety-six of this chapter for a
     7  branch office, (ii) section one hundred ninety-one of this chapter for a
     8  public accommodation office, (iii) section six  hundred  one-b  of  this
     9  chapter  for  approval  of a merger or purchase of assets, or (iv) under
    10  section one hundred five-a, two hundred forty-a or three  hundred  nine-
    11  ty-six-a  of  this  chapter  for the use or installation of an automated
    12  teller machine, point-of-sale terminal or similar electronic facility or
    13  on any other application or notice to which the superintendent of finan-
    14  cial services shall by rule or regulation make applicable the provisions
    15  of this section, the superintendent shall take into account, among other
    16  factors, an assessment, in writing, of the record of performance of  the
    17  banking  institution  in  helping to meet the credit needs of its entire
    18  community, including low and moderate-income  neighborhoods,  consistent
    19  with  safe and sound operation of the banking institution.  Such assess-
    20  ment and any written communications from  the  department  of  financial
    21  services  to  a banking institution relating to such assessment shall be
    22  made available  to  the  public  upon  request,  provided  that  nothing

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04697-05-9
        A. 1772--A                          2

     1  contained  in this subdivision shall be deemed to alter, amend or affect
     2  the provisions of subdivision ten of section thirty-six of this chapter.
     3  In making such assessment the superintendent shall  review  all  reports
     4  and  documents filed with him or her pursuant to subdivision one of this
     5  section and any signed, written comments received by the  superintendent
     6  which  specifically  relate  to the banking institution's performance in
     7  helping to meet the credit needs of  its  community.  In  addition,  the
     8  superintendent shall consider the following factors in assessing a bank-
     9  ing  institution's  record  of  performance,  and include in its written
    10  assessment required by this section the record of  performance  of  such
    11  banking institution as to each of the following factors:
    12    § 2. This act shall take effect on the one hundred twentieth day after
    13  it  shall have become a law. Effective immediately, the addition, amend-
    14  ment and/or repeal of any rules or regulations necessary for the  imple-
    15  mentation of the foregoing section of this act on its effective date are
    16  authorized to be made on or before such effective date.