New York bill A08665 allows minority depository institutions in unbanked or underbanked communities to receive deposits from the state comptroller.

New York bill A08665 amends the banking law to allow minority depository institutions, as defined by federal law, to receive deposits from the state comptroller and the commissioner of taxation and finance if they establish a home or branch office in a community deemed unbanked or underbanked by the superintendent. These institutions must not be exempt from corporate franchise taxes. The amount of deposits is determined jointly by the superintendent and the state comptroller.

New York bill A08665 allows minority depository institutions in unbanked or underbanked communities to receive deposits from the state comptroller.

New York bill A08665 amends the banking law to allow minority depository institutions, as defined by federal law, to receive deposits from the state comptroller and the commissioner of taxation and finance if they establish a home or branch office in a community deemed unbanked or underbanked by the superintendent. These institutions must not be exempt from corporate franchise taxes. The amount of deposits is determined jointly by the superintendent and the state comptroller.