Skip to main content

AgoraSign in
Agora
Sign in

James Sanders Jr.

Sponsor · State Senator, District 10 · Democratic

Follow

Senate bill · S3615 (2025-26)

Relates to minority depository institutions which apply to establish a home or branch office in an unbanked or underbanked community

Latest action Feb 26, 2026

Summary

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.

Your position on this bill

Not chosen yet

Sign in to choose

Where it stands

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

  1. Introduced
  2. In committee
  3. Up for a vote
  4. Passed one chamber
  5. Passed
  6. Enacted

New York State Senate

Amends the Banking Law.

Committee

Banks · New York State Assembly

Also referred to Banks · New York State Senate.

Purpose, from the sponsor's memo

The purpose of this bill is to allow minority depository institutions within established Banking Development Districts located in unbanked and underbanked communities to accept deposits from the State.

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

    (7) (0) (0) (0)

  • Vote: Committee vote · Banks

    Senate BanksFeb 25, 2025Result: passed

    (7) (0) (0) (0)

Cosponsors

George Borrello

  • Republican1
See the full list on nysenate.gov (opens in a new tab)

The sponsor's argument

Why James Sanders Jr. says this is needed

The Banking Development District (BDD) Program was created in 1997 in order to encourage municipalities to offer incentives to banking organ- izations who established branches in underbanked or unbanked areas. Though the BDD has been successful, there is still much progress to be made when it comes to investing in underbanked or unbanked communities across the state. Minority depository institutions are defined by federal law as being any depository institution where 51 percent or more of the stock is owned by one or more "socially and economically disadvantaged individuals". Supplemental federal guidelines define "minority depository institution" as any federally insured depository institution where 51 percent or more of the voting stock is owned by minority individuals. Authorizing minority depository institutions within Banking Development Districts to accept deposits from the State will allow for greater investment by these minority banks into their local communities.

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

  1. Feb 26, 2026

    Reported out of committee

    REPORTED AND COMMITTED TO FINANCE

    NY Senate

  2. Jan 7, 2026

    Referred to committee

    REFERRED TO BANKS

    NY Senate

  3. Feb 25, 2025

    Reported out of committee

    REPORTED AND COMMITTED TO FINANCE

    NY Senate

  4. Jan 29, 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 Nov 1, 2026. About our data

Read the record

Your position
Follow