The NYC Banking Commission has three members:
- the Mayor
- the City Comptroller
- the Commissioner of Finance
The Treasury Division of the Department of Finance provides administrative support to the Banking Commission.
The Banking Commission has three responsibilities:
- Approve banks as NYC Designated Banks, which are the only banks that can hold City deposits;
- Recommend to the City Council interest rates for the early and late payment of real estate taxes and water and sewer rents;
- Administer the City’s Banking Development District (BDD) Program, which is a program of the New York State Department of Financial Services. The goal of the BDD program is to encourage and assist banks in opening branches in traditionally underserved neighborhoods. For more information on the history of BDDs, contact NYS Department of Financial Services.