New York A 11513: Enacts the "bank of New York city act"

Bill Text

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A11513 Summary:

BILL NOA11513 

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SAME ASNo Same As

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SPONSORRules (Septimo)

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COSPNSR

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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; amd §10, Gen Muni L

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Enacts the "bank of New York city act" which allows for and establishes the mechanism to establish a municipal public bank in a city with a population of a million or more.

Go to top A11513 Actions:

BILL NOA11513 

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05/28/2026referred to banks

Go to topA11513 Committee&nbspVotes:

Go to topA11513 Floor&nbspVotes:

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

Go to topA11513 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 11513

 IN ASSEMBLY

 May 28, 2026
 ___________

 Introduced by COMMITTEE ON RULES -- (at request of M. of A. Septimo) --
 read once and referred to the Committee on Banks

 AN ACT to amend the banking law, the state finance law and the general
 municipal law, in relation to enacting the "bank of New York city 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 New York city act".
 3 § 2. Legislative intent. 1. It is the intent of the legislature that
 4 this act (i) authorizes cities having a population of one million or
 5 more to form and control a municipal public bank established pursuant to
 6 article three-C of the banking law, and to loan or grant public funds or
 7 lend public credit to such public bank for the public purposes of
 8 achieving cost savings, strengthening local economies, supporting commu-
 9 nity economic development, and addressing infrastructure and housing
 10 needs; and (ii) codifies the common law interpretation of the constitu-
 11 tion of the state of New York that cities, counties, and other munici-
 12 palities may own stock or other ownership interests in, and lend or
 13 grant money to, public and private corporations, limited liability
 14 companies or not-for-profit corporations, so long as such actions are
 15 pursuant to public purposes.
 16 2. It is also the intent of the legislature that a municipal public
 17 bank established pursuant to article three-C of the banking law shall
 18 partner with local financial institutions, such as credit unions, commu-
 19 nity development financial institutions, and local community banks, and
 20 shall originate, participate, and service loans in a manner consistent
 21 with federally certified community development financial institutions,
 22 prioritizing underserved and economically distressed communities.
 23 § 3. Subdivisions 1 and 11 of section 2 of the banking law, subdivi-
 24 sion 1 as amended by chapter 684 of the laws of 1938 and subdivision 11
 25 as amended by chapter 154 of the laws of 2007, are amended to read as
 26 follows:
 27 1. Bank. The term, "bank," when used in this chapter, unless a differ-
 28 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.
 LBD15696-01-6

 A. 11513 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 MUNICIPAL PUBLIC BANKS

 12 Section 156. Definitions.
 13 156-a. Sponsors and corporate structure.
 14 156-b. Permitted activities.
 15 156-c. Governance.
 16 156-d. Charter requirements.
 17 156-e. Financial and operations framework.
 18 156-f. Transparency and financial reporting.
 19 156-g. Rehabilitation.
 20 156-h. Deposits.
 21 156-i. Policy mandate.
 22 156-j. Ethics and financial disclosure.
 23 156-k. Inconsistency with other laws.
 24 156-l. Owners not to be considered bank holding companies.
 25 § 156. Definitions. For the purposes of this ar