Bill Text: NY S02342 | 2019-2020 | General Assembly | Introduced


Bill Title: Provides for the inclusion of low income credit unions in the banking development district program in cities having a population of one million or more persons.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced) 2019-01-24 - REFERRED TO BANKS [S02342 Detail]

Download: New_York-2019-S02342-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          2342
                               2019-2020 Regular Sessions
                    IN SENATE
                                    January 24, 2019
                                       ___________
        Introduced  by Sen. KAVANAGH -- read twice and ordered printed, and when
          printed to be committed to the Committee on Banks
        AN ACT to amend the banking law, in relation  to  including  low  income
          credit unions in the banking development district program
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subdivision 5 of section 96-d of the banking law, as  added
     2  by  chapter 526 of the laws of 1998, paragraph (a) as amended by chapter
     3  328 of the laws of 1999, and paragraph (b) as further amended by section
     4  104 of part A of chapter 62 of the laws of 2011, is amended to  read  as
     5  follows:
     6    5.  (a)  Notwithstanding  the provisions of subdivision two of section
     7  two hundred thirty-seven of this  chapter;  for  the  purposes  of  this
     8  section,  paragraph  c  of subdivision two of section ten of the general
     9  municipal law, subdivision six of section one hundred five of the  state
    10  finance  law and section four hundred eighty-five-f of the real property
    11  tax law, any reference to a bank, trust company or national  bank  shall
    12  be  deemed  to  include  a  savings  bank, savings and loan association,
    13  federal savings and loan association or  federal  savings  bank  or,  in
    14  cities  having  a  population  of  one  million or more persons, any low
    15  income credit union as designated by section  four  hundred  fifty-a  of
    16  this  chapter or any federal credit union that has been designated a low
    17  income  credit  union  by  the  National  Credit  Union  Administration;
    18  provided,  however,  that  such provisions of law do not grant a savings
    19  bank, savings and loan association, federal savings and loan association
    20  or federal savings bank or, in cities having a population of one million
    21  or more persons, any low income credit union as  designated  by  section
    22  four  hundred  fifty-a  of this chapter or any federal credit union that
    23  has been designated a low income credit union  by  the  National  Credit
    24  Union  Administration eligibility to accept municipal or public funds or
    25  municipal or public moneys other than for the limited  purposes  of  the
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02182-01-9

        S. 2342                             2
     1  establishment  of a branch in a banking development district pursuant to
     2  this section. Any such municipal or public  funds  or  moneys  shall  be
     3  deposited  only  at the branch established pursuant to this section, and
     4  any  municipal  funds  or moneys may be deposited only by the sponsoring
     5  municipality in which the branch and banking  development  district  are
     6  located;  provided  further  that  any such municipal or public funds or
     7  moneys shall be subject to the same requirements which apply to  munici-
     8  pal  or  public  funds  or  moneys deposited in a bank, trust company or
     9  national bank and shall also be subject to the provisions of section one
    10  hundred five of the state finance law or  section  ten  of  the  general
    11  municipal law relating to such deposits.
    12    (b)  Notwithstanding any other provision of law, the superintendent of
    13  financial services shall promulgate rules and regulations  to  authorize
    14  the  participation  of  savings  banks,  savings  and loan associations,
    15  federal savings banks and federal savings and loan associations  or,  in
    16  cities  having  a  population  of  one  million or more persons, any low
    17  income credit union as designated by section  four  hundred  fifty-a  of
    18  this  chapter or any federal credit union that has been designated a low
    19  income credit union by the National Credit Union Administration  in  the
    20  program established pursuant to this section.
    21    §  2.  This act shall take effect immediately, provided, however, that
    22  the amendments to subdivision 5 of section 96-d of the banking law  made
    23  by  section one of this act shall not affect the repeal of such subdivi-
    24  sion and shall be deemed repealed therewith.
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