“The New York State Assembly Majority has made expanding banking to underserved areas a longstanding priority. As Banks Chair, I am proud to be able to uphold that principal by working together with my colleagues to author and pass bills that increase these vital services.
Since the Banking Development District (BDD) program’s enactment in 1997, many banks have been incentivized to open branches in communities that have been designated as having no or limited financial service options. With my legislation that is now state law, we are able to expand the BDD program to include credit unions which encourages additional banking services in these communities. This is a big step toward bringing necessary financial services to historically underserved areas.
Thank you to Governor Cuomo for singing this imperative legislation into law.”