New York A8705: Directs the department of financial services to conduct a study on the banking development district program and to make recommendations to improve such program

What the bill says

An act to direct the department of financial services to conduct a study on the banking development district program and to make recommendations to improve such program.

From the introduced text, May 30, 2025:

AN ACT to direct the department of financial services to conduct a study on the banking development district program and to make recommendations to improve such program THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS: Section 1. The superintendent of financial services is hereby authorized and directed to prepare or have prepared a study of the banking development district program and to provide recommendations to improve this program for the purpose of making financial services accessible to unbanked and underbanked communities and households. Such study shall include, but not be limited to: 1. analysis of the location and demographics of underbanked communities and households in New York state and the causes of underbanked communities and households in New York state; 2. review of the banking development district program listing all the participating financial institutions and their local economic impact, including number of loans and customers; and 3. recommendations on how it could be improved and increase the number of participating financial institutions. § 2. Such study and recommendations shall be completed and provided to the governor and the legislature within twelve months of the effective date of this act. § 3. As used in this act the term "underbanked" shall mean having insufficient access to financial institutions for the purpose of …

Read the full official text

Sponsors

• Clyde Vanel (D, 33) · primary sponsor

Latest actions

1. May 29, 2026: SUBSTITUTED BY S8199
2. May 29, 2026: ORDERED TO THIRD READING RULES CAL.268
3. May 29, 2026: RULES REPORT CAL.268
4. May 29, 2026: REPORTED
5. May 29, 2026: REPORTED REFERRED TO RULES
6. January 7, 2026: REFERRED TO WAYS AND MEANS
7. June 4, 2025: REPORTED REFERRED TO WAYS AND MEANS
8. May 30, 2025: REFERRED TO BANKS

Votes

• Assembly Ways And Means Committee: Favorable refer to committee Rules (May 29, 2026): 20 yea, 10 nay, passed
• Assembly Rules Committee: Favorable (May 29, 2026): 26 yea, 0 nay, passed

Common questions

What is A8705?

A8705 is a bill in the New York Legislature (2025-2026 General Assembly): Directs the department of financial services to conduct a study on the banking development district program and to make recommendations to improve such program.

What does A8705 do?

In its own words: An act to direct the department of financial services to conduct a study on the banking development district program and to make recommendations to improve such program.

What is the status of A8705?

In committee as of May 29, 2026. Latest action: SUBSTITUTED BY S8199 (May 29, 2026).

Who sponsored A8705?

Clyde Vanel (D, 33).

Where is the official record for A8705?

On the New York Legislature website: https://www.nysenate.gov/legislation/bills/2025/A8705