Requires 10% of the penalties imposed by the superintendent of financial services to be deposited in the community development financial institution fund

Latest action Feb 26, 2026

Requires 10% of the penalties imposed by the superintendent of financial services to be deposited in the community development financial institution fund.

Not chosen yet

Where it stands

Out of committee and scheduled for a vote by the full chamber.

Introduced
In committee
Up for a vote
Passed one chamber
Passed
Enacted

New York State Senate

Same as A3144, the matching bill in the Assembly.

Amends the Banking Law.

Committee

Banks · New York State Assembly

Also referred to Banks · New York State Senate.

Purpose, from the sponsor's memo

To dedicate ten percent of the fines assessed by the New York State Department of Financial Services to the NYS community development finan- cial institution fund.

Filed with the bill. Read it on nysenate.gov (opens in a new tab)

Recorded votes

Vote: Committee vote · Banks
Senate BanksFeb 24, 2026Result: passed
(5) (2) (0) (0)
Vote: Committee vote · Banks
Senate BanksFeb 4, 2025Result: passed
(5) (2) (0) (0)

Cosponsors

Rachel May

Democratic1

Rachel May

See the full list on nysenate.gov

The sponsor's argument

Why Leroy Comrie says this is needed

Penalties imposed by the New York State Department of Financial. Services should be returned used to benefit new Yorkers who have been victimized either by illegal practices or to those who do not have adequate access to financial services or capital. We would like ten percent of the monies recovered dedicated to the community development financial institution fund. Monies generated because of fines and penal- ties should go benefit those you New Yorkers who lack access to finan- cial capital & services. The Community Development Financial Institution Assistance Program bolsters institutions providing microloans to small businesses that often do not qualify for bank loans, as well as provide one-on-one counseling and business development assistance to facilitate credit readiness. Consumers are forced to pay higher rates because of access to credit is limited, by funding this groups we attempt to make 1.t easier for small business to access capital.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.

Full history

Feb 26, 2026
Reported out of committee
REPORTED AND COMMITTED TO FINANCE
NY Senate
Jan 7, 2026
Referred to committee
REFERRED TO BANKS
NY Assembly
Jan 7, 2026
Referred to committee
REFERRED TO BANKS
NY Senate
Feb 4, 2025
Reported out of committee
REPORTED AND COMMITTED TO FINANCE
NY Senate
Jan 23, 2025
Referred to committee
REFERRED TO BANKS
NY Assembly

Show full history (1 earlier event)

Jan 16, 2025
Referred to committee
REFERRED TO BANKS
NY Senate

About this record

Summary: The summary comes from NY Open Legislation, the New York State Senate's public record. For more, see How we handle summaries.
Cosponsors: The list shows the cosponsors who are on Agora, A to Z. The official record may list more.
Party colors: Parties are shown in the same neutral colors.
Source: From NY Open Legislation, the NY Senate and Assembly, and official rosters. This record was last updated Oct 31, 2026. About our data

Read the record

Read on NY Senate (opens in a new tab) The official record on nysenate.gov.

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