Includes establishing a branch in a banking development district as a factor indicating that a bank is helping to meet the credit needs of its entire community…

Official titleShow

Includes establishing a branch in a banking development district as a factor indicating that a bank is helping to meet the credit needs of its entire community for purposes of assessing such bank; repealer

The heading above is this same sentence with its legal opening removed. No words were added, changed or reordered.

Latest action Feb 14, 2025

Includes establishing a branch in a banking development district as a factor indicating that a banking institution is helping to meet the credit needs of its entire community for purposes of assessing such banking institution.

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Where it stands

Signed into law.

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

New York State Senate

Same as A421, the matching bill in the Assembly.

Passed as A421, the matching Assembly bill.

Amends the Banking Law.

Committee

Banks · New York State Assembly

Also referred to Banks · New York State Senate, Rules · New York State Assembly, Rules · New York State Senate.

Purpose, from the sponsor's memo

This chapter amendment clarifies that the Department of Financial Services may consider the participation in a banking development district for the purposes of assessing an institution's performance in meeting the credit needs of its community.

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

Recorded votes

Vote: Floor vote
NY SenateFeb 5, 2025Result: passedSenate vote on A421, the matching Assembly bill.
(46) (16) (0) (1)
Vote: Committee vote · Rules
Senate RulesJan 13, 2025Result: passed
(15) (6) (0) (0)

The sponsor's argument

Why James Sanders Jr. says this is needed

This bill amends L.2024 c.656 to specify that the Department of Finan- cial Services may rather than must consider participation in a Banking Development District in a bank's performance evaluation. The optionality reflects that not all banks may be eligible to participate in a Banking Development District. Banks that participate in the Banking Development District program will be rewarded for meeting the credit needs of un and under-banked communities, but banks that do not participate will not be penalized on their evaluations. This bill is a negotiated change to the underlying chapter.

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 14, 2025
Signed
SIGNED CHAP.9
NY Assembly
Feb 12, 2025
Sent to the executive
DELIVERED TO GOVERNOR
NY Assembly
Feb 5, 2025
3RD Reading CAL.86
3RD READING CAL.86
NY Senate
Feb 5, 2025
Passed a chamber
PASSED SENATE
NY Senate
Feb 5, 2025
Substituted
SUBSTITUTED FOR S812
NY Senate

Show full history (8 earlier events)

Jan 21, 2025
Sent to the executive
DELIVERED TO SENATE
NY Assembly
Jan 21, 2025
Passed a chamber
PASSED ASSEMBLY
NY Assembly
Jan 21, 2025
Referred to committee
REFERRED TO RULES
NY Senate
Jan 14, 2025
Reported out of committee
REPORTED REFERRED TO RULES
NY Assembly
Jan 14, 2025
Rules Report CAL.8
RULES REPORT CAL.8
NY Assembly
Jan 13, 2025
Ordered to Third Reading CAL.86
ORDERED TO THIRD READING CAL.86
NY Senate
Jan 8, 2025
Referred to committee
REFERRED TO BANKS
NY Assembly
Jan 8, 2025
Referred to committee
REFERRED TO RULES
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.
Source: From NY Open Legislation, the NY Senate and Assembly, and official rosters. This record was last updated Oct 21, 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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