New York S02327 mandates that 10% of penalties imposed by the superintendent of financial services be deposited into the community development.

New York S02327 amends the banking and insurance laws to require that 10% of all penalties imposed and collected by the superintendent of financial services be dedicated and deposited into the community development financial institution fund. This fund is established under the New York state urban development corporation act. The bill aims to ensure that a portion of financial penalties supports community development initiatives.

New York S02327 mandates that 10% of penalties imposed by the superintendent of financial services be deposited into the community development.

New York S02327 amends the banking and insurance laws to require that 10% of all penalties imposed and collected by the superintendent of financial services be dedicated and deposited into the community development financial institution fund. This fund is established under the New York state urban development corporation act. The bill aims to ensure that a portion of financial penalties supports community development initiatives.