A 8665: Relates to minority depository institutions which apply to establish a home or branch office in an unbanked or underbanked community; provides that such institutions shall be entitled to receive deposits from the state comptroller and the commissioner of taxation and finance.

  
  STATE OF NEW YORK ________________________________________________________________________ 8665 2025-2026 Regular Sessions  IN ASSEMBLY May 23, 2025 ___________ Introduced by M. of A. VANEL -- read once and referred to the Committee on Banks AN ACT to amend the banking law, in relation to minority depository institutions which apply to establish a home or branch office in an unbanked or underbanked community 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 is amended 2 by adding a new paragraph (c) to read as follows: 3 (c) A minority depository institution as defined by section 308 of the 4 federal Financial Institution Reform, Recovery, and Enforcement Act of 5 1989, which has a home or branch office in a community determined by the 6 superintendent to be unbanked or underbanked, and which is not exempt 7 from the payment of corporate franchise taxes under article nine-A of 8 the tax law, shall be authorized and entitled to receive deposits from 9 the state comptroller and the commissioner of taxation and finance in 10 accordance with the provisions of section ninety-eight-a and section one 11 hundred five of the state finance law, in addition to the municipal 12 deposits provided herein. The amount of such deposits shall be deter- 13 mined jointly by the superintendent and the state comptroller. Authori- 14 zation pursuant to this paragraph shall run concurrently with the term 15 of the designation of a banking development district approved by the 16 superintendent pursuant to subdivision two of this section and shall be 17 extended to run concurrently with any extension of such designation by 18 the superintendent pursuant to subdivision two of this section. 19 § 2. This act shall take effect immediately, provided, however, the 20 amendments to subdivision 5 of section 96-d of the banking law made by 21 section one of this act shall not affect the repeal of such subdivision 22 and shall be deemed repealed therewith. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07996-03-5