Establishes the banking bill of rights in New York, requiring due process for credit and deposit account applications and closures.

The bill establishes the banking bill of rights in New York, mandating financial institutions to provide written notice of specific reasons for denial of credit or deposit account applications within ten days. It also requires institutions to inform existing customers of adverse actions on their accounts, with exceptions for point-of-sale refusals or fraud detection. The bill outlines penalties for noncompliance, including financial and punitive damages. It empowers the superintendent of financial services to enforce these provisions and allows affected individuals to file complaints.

Establishes the banking bill of rights in New York, requiring due process for credit and deposit account applications and closures.

The bill establishes the banking bill of rights in New York, mandating financial institutions to provide written notice of specific reasons for denial of credit or deposit account applications within ten days. It also requires institutions to inform existing customers of adverse actions on their accounts, with exceptions for point-of-sale refusals or fraud detection. The bill outlines penalties for noncompliance, including financial and punitive damages. It empowers the superintendent of financial services to enforce these provisions and allows affected individuals to file complaints.