New York A 2692: Establishes a working group to create a pilot program for an alternative system to a credit score

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 Speaker Carl E. Heastie

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A02692 Summary:

BILL NOA02692A

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SAME ASSAME AS S10128

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SPONSORForrest

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COSPNSR

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MLTSPNSR

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Add §312, Fin Serv L

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Establishes a working group to create a pilot program for an alternative system to a credit score for unbanked persons, undocumented immigrants and any other individuals who would benefit from such alternative system.

Go to top A02692 Actions:

BILL NOA02692A

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01/22/2025referred to banks

01/07/2026referred to banks

04/30/2026amend and recommit to banks

04/30/2026print number 2692a

Go to topA02692 Committee&nbspVotes:

Go to topA02692 Floor&nbspVotes:

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

Go to topA02692 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2692--A

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 22, 2025
 ___________

 Introduced by M. of A. FORREST -- read once and referred to the Commit-
 tee on Banks -- recommitted to the Committee on Banks in accordance
 with Assembly Rule 3, sec. 2 -- committee discharged, bill amended,
 ordered reprinted as amended and recommitted to said committee

 AN ACT to amend the financial services law, in relation to establishing
 a working group to create a pilot program for an alternative system to
 a credit score

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

 1 Section 1. The financial services law is amended by adding a new
 2 section 312 to read as follows:
 3 § 312. Creditworthiness alternative pilot and working group. 1. For
 4 the purposes of this section:
 5 (a) "Creditworthiness" means a measure of how likely an individual
 6 will default on such individual's debt obligations according to a lend-
 7 er's assessment, or how worthy an individual is to receive new credit.
 8 (b) "Credit score" means a number that provides a comparative estimate
 9 of an individual's creditworthiness based on an analysis of such indi-
 10 vidual's credit report and is used by lenders to evaluate the risk of
 11 lending money or offering financial services to consumers.
 12 2. The superintendent shall form a working group to create a pilot
 13 program to develop an alternative credit worthiness program for individ-
 14 uals who do not have a credit score; are unbanked, undocumented immi-
 15 grants, indigent; or who would benefit from such a mechanism. Members of
 16 the working group shall:
 17 (a) be appointed by the superintendent and shall include represen-
 18 tatives of the financial industry and immigration advocates;
 19 (b) not receive compensation, but shall be eligible to receive
 20 reimbursement for expenses subject to the approval of the superintendent
 21 and the division of budget;

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03974-02-6

 A. 2692--A 2

 1 (c) analyze models for alternatives to traditional credit scores now
 2 being discussed and developed by the credit card industry in Europe,
 3 among other models such members deem appropriate; and
 4 (d) first convene within ninety days of the effective date of this
 5 section and shall convene no less than once per month; and
 6 (e) provide the superintendent, the governor, and the legislature a
 7 report within one year of the effective date of this section containing
 8 such working group's recommendations for the establishment of a pilot
 9 program, and a feasible timeline for the implementation of such program.
 10 § 2. This act shall take effect immediately.

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