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A8705 • 2025

Directs the department of financial services to conduct a study on the banking development district program and to make recommendations to improve such program

Directs the department of financial services to conduct a study on the banking development district program and to make recommendations to improve such program

Active

The official status still shows this bill as active or still awaiting another formal step.

Sponsor
Clyde Vanel
Last action
2026-05-29
Official status
Assembly Floor Calendar
Effective date
Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Directs the department of financial services to conduct a study on the banking development district program and to make recommendations to improve such program

Directs the department of financial services to conduct a study on the banking development district program and to make recommendations to improve such program Directs the department of financial services to conduct a study on the banking development district program and to make recommendations to improve such program.

What This Bill Does

  • Directs the department of financial services to conduct a study on the banking development district program and to make recommendations to improve such program Directs the department of financial services to conduct a study on the banking development district program and to make recommendations to improve such program.

Limits and Unknowns

  • This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

  1. 2026-05-29 Assembly

    REPORTED REFERRED TO RULES

  2. 2026-05-29 Assembly

    REPORTED

  3. 2026-05-29 Assembly

    RULES REPORT CAL.268

  4. 2026-05-29 Assembly

    ORDERED TO THIRD READING RULES CAL.268

  5. 2026-05-29 Assembly

    SUBSTITUTED BY S8199

  6. 2026-01-07 Assembly

    REFERRED TO WAYS AND MEANS

  7. 2025-06-04 Assembly

    REPORTED REFERRED TO WAYS AND MEANS

  8. 2025-05-30 Assembly

    REFERRED TO BANKS

Official Summary Text

Directs the department of financial services to conduct a study on the banking development district program and to make recommendations to improve such program
Directs the department of financial services to conduct a study on the banking development district program and to make recommendations to improve such program.

Current Bill Text

Read the full stored bill text 
S T A T E   O F   N E W   Y O R K
        ________________________________________________________________________

                                          8705

                               2025-2026 Regular Sessions

                                  I N  A S S E M B L Y

                                      May 30, 2025
                                       ___________

        Introduced  by M. of A. VANEL -- read once and referred to the Committee
          on Banks

        AN ACT to direct the department of financial services to conduct a study
          on the banking development district program and  to  make  recommenda-
          tions to improve such program

          THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
        BLY, DO ENACT AS FOLLOWS:

     1    Section 1. The superintendent of financial services is hereby  author-
     2  ized  and  directed  to  prepare or have prepared a study of the banking
     3  development district program and to provide recommendations  to  improve
     4  this  program for the purpose of making financial services accessible to
     5  unbanked and underbanked communities and households.  Such  study  shall
     6  include, but not be limited to:
     7    1.  analysis  of the location and demographics of underbanked communi-
     8  ties and households in New York state  and  the  causes  of  underbanked
     9  communities and households in New York state;
    10    2.  review of the banking development district program listing all the
    11  participating financial institutions and their  local  economic  impact,
    12  including number of loans and customers; and
    13    3. recommendations on how it could be improved and increase the number
    14  of participating financial institutions.
    15    § 2. Such study and recommendations shall be completed and provided to
    16  the  governor  and the legislature within twelve months of the effective
    17  date of this act.
    18    § 3. As used in this act the  term  "underbanked"  shall  mean  having
    19  insufficient access to financial institutions for the purpose of banking
    20  and investment services.
    21    § 4. This act shall take effect immediately.


         EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13168-01-5