Kathy Hochul
New York regulators will conduct a study of communities that are lacking banking options and other basic financial services under a measure approved on Thursday by Governor Kathy Hochul.
Spectrum News reports the bill seeks to address a long-standing concern in low-income communities that banking options are limited, leading people to use check cashing services or payday loan businesses that often use large fees to process payments. Hochul’s office also announced she has signed a bill that is meant to protect consumers by barring the issuing of unsolicited mail-loan checks.
The measure studying banking access in New York will lead to the Department of Financial Services to make recommendations for improvements. The new law will provide state officials with an updated number of the households that are in underbanked neighborhoods.
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