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Senate committee advances bill specifying reasons banks may close accounts, adds federal-law exceptions
3516074 · May 27, 2025
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Summary
The Senate Banks Committee reported out S.4603, which would set state criteria for closing customer accounts while explicitly exempting instances where federal law such as the Bank Secrecy Act or anti-money‑laundering rules control.
The Senate Banks Committee on Oct. 26 reported out S.4603, sponsored by Sen. Sanders, an act to amend the banking law to establish criteria for the closure of bank accounts in New York.
The bill would define state-level criteria banks must follow when closing accounts and clarifies that federal law controls in certain instances.…
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