Today, Assemblywoman Marianne Buttenschon (D-C Marcy) announced that the New York State Assembly passed her legislation to keep state charter banks competitive with federal charters.

"In 1997, New York State enacted legislation to empower the Department of Financial Services (DFS) to allow state-chartered banks to exercise the same powers as their federal counterparts. This legislation is set to sunset on September 10^th, 2024," explained Assemblywoman Buttenschon. “My legislation extends this sunset period to September 10^th, 2029, so our state charter banks can stay competitive with federal charter banks."

Nearly every state has what is referred to as a "wild card" law which provides an administrative mechanism to allow states to give their charter banks the same powers as federal charter banks. This legislation is critical because allowing New York State's "wild card" law to sunset would significantly hamper the competitiveness of our state charter banks, posing a potential threat to New York's economy.

“State charter banks play a vital role in the Mohawk Valley’s economy; they create jobs, allow our community members to start small businesses, and help working families take out a mortgage to own a home,” stated Buttenschon. “I want to thank my colleagues for passing this important legislation and urge the New York State Senate to follow suit swiftly. It is of the utmost importance that we allow our state charter banks to stay competitive so they can continue to help Upstate New York's economy.”