Relates to establishing the banking bill of rights

Summary

The bill creates a Banking Bill of Rights that forces financial institutions to provide written notice of the specific reasons for any denial of a credit or deposit account, or any adverse change to an existing account, and to give the consumer a chance to correct or contest that information. It applies to all banks, credit unions, savings banks, mortgage lenders and similar entities operating in New York, aiming to protect consumers—particularly immigrant communities—from arbitrary account closures that can damage credit and limit access to housing, education and charitable giving. Violations would trigger civil penalties and allow consumers to seek relief through the state superintendent of financial services.

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