New York S 1708: Enacts the "bank of Rochester act"

Bill Text

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S01708 Summary:

BILL NOS01708A

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SAME ASSAME AS A06409-A

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SPONSORBROUK

&nbsp

COSPNSRFERNANDEZ, JACKSON, KAVANAGH, SALAZAR, SANDERS

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MLTSPNSR

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Amd §2, add Art 3-C §§156 - 156-l, Bank L; amd §98, St Fin L

&nbsp

Establishes the bank of Rochester, including provisions related to definitions; sponsors and corporate structure; powers and restrictions; governance; charter requirements; financial and operations frameworks; transparency and financial reporting; insurance; deposits; policy mandates; ethics and financial disclosure; inconsistency with other laws; and owners not to be considered bank holding companies.

Go to top S01708 Actions:

BILL NOS01708A

&nbsp

01/13/2025REFERRED TO BANKS

04/30/2025AMEND AND RECOMMIT TO BANKS

04/30/2025PRINT NUMBER 1708A

01/07/2026REFERRED TO BANKS

Go to topS01708 Committee&nbspVotes:

Go to topS01708 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS01708 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1708--A

 2025-2026 Regular Sessions

 IN SENATE

 January 13, 2025
 ___________

 Introduced by Sens. BROUK, JACKSON, KAVANAGH, SALAZAR, SANDERS -- read
 twice and ordered printed, and when printed to be committed to the
 Committee on Banks -- committee discharged, bill amended, ordered
 reprinted as amended and recommitted to said committee

 AN ACT to amend the banking law and the state finance law, in relation
 to enacting the "bank of Rochester act"

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "bank of Rochester act".
 3 § 2. Legislative intent. 1. It is the intent of the legislature that
 4 this act (i) authorizes the city of Rochester to form and control the
 5 bank of Rochester, and loan or grant public funds or lend public credit
 6 to the bank of Rochester for the public purposes of achieving cost
 7 savings, strengthening local economies, supporting community economic
 8 development, and addressing infrastructure and housing needs for locali-
 9 ties; and (ii) codifies the common law interpretation of the constitu-
 10 tion of the state of New York that cities, counties, and other munici-
 11 palities may own a not-for-profit corporation and lend or grant money to
 12 such not-for-profit corporation, so long as such actions are pursuant to
 13 public purposes.
 14 2. It is also the intent of the legislature that the bank of Rochester
 15 shall partner with local financial institutions, such as credit unions,
 16 CDFIs, and local community banks, and shall not compete with local
 17 financial institutions or commercial banks.
 18 § 3. Subdivisions 1 and 11 of section 2 of the banking law, subdivi-
 19 sion 1 as amended by chapter 684 of the laws of 1938 and subdivision 11
 20 as amended by chapter 154 of the laws of 2007, are amended to read as
 21 follows:
 22 1. Bank. The term, "bank," when used in this chapter, unless a differ-
 23 ent meaning appears from the context, means any corporation, other than

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03654-03-5

 S. 1708--A 2

 1 a trust company, organized under or subject to the provisions of article
 2 three or three-C of this chapter.
 3 11. Banking organizations. The term, "banking organizations," when
 4 used in this chapter, means and includes all banks, trust companies,
 5 private bankers, savings banks, safe deposit companies, savings and loan
 6 associations, credit unions, banks organized under article three-C of
 7 this chapter and investment companies.
 8 § 4. The banking law is amended by adding a new article 3-C to read as
 9 follows:
 10 ARTICLE 3-C
 11 BANK OF ROCHESTER
 12 Section 156. Definitions.
 13 156-a. Sponsors and corporate structure.
 14 156-b. Powers and restrictions.
 15 156-c. Bank of Rochester governance.
 16 156-d. Bank of Rochester charter requirements.
 17 156-e. Financial and operations framework.
 18 156-f. Transparency and financial reporting.
 19 156-g. Insurance and rehabilitation.
 20 156-h. Deposits.
 21 156-i. Policy mandate.
 22 156-j. Ethics and financial disclosure.
 23 156-k. Inconsistenc