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1. There is hereby established within the department an advisory board known as the community investment advisory board, which shall perform the following functions:
a. Conduct a needs assessment every two years, the first of which shall be published on the department's website on or before March 1, 2014. In conducting such needs assessment the board shall (1) assess the credit, financial and banking services needs throughout the City with a particular emphasis on low and moderate income individuals and communities, by means including but not limited to (i) convening at least one public hearing in each borough of the city; (ii) accepting, reviewing and considering public comments which describe the nature and extent of such needs; and (iii) considering the data and information collected by the board pursuant to subdivision 3 of this section; and (2) establish benchmarks, best practices, and recommendations for meeting the needs identified in such needs assessment, by, among other things, considering the data and information collected by the board pursuant to subdivision 3 of this section; and
b. Issue an annual report in plain language, the first of which shall be published on the department's website and transmitted to the banking commission on or before March 1, 2015 and each March first thereafter, which may be considered by the banking commission in reviewing a bank's application for designation or redesignation as a deposit bank, covering the preceding fiscal year, which (i) addresses how each bank that is designated as a deposit bank pursuant to section 1524 of the charter is meeting the needs identified pursuant to paragraph a of this subdivision and subdivision 3 of this section, including an evaluation of how each bank performed relative to the benchmarks and best practices applicable to such bank as established by the board pursuant to the needs assessment required pursuant to paragraph a of this subdivision, (ii) identifies areas of improvement from past evaluations, where applicable, and areas where improvement is necessary, taking into account the information collected by the board pursuant to subdivision 3 of this section, (iii) specifically identifies any deposit bank's failure to provide information requested in writing by the board pursuant to subdivision 3 of this section that is applicable to such deposit bank, (iv) summarizes written comments submitted to the board pursuant to subdivision 4 of this section and the role played by such comments; and (v) summarizes, in tabular format, the data collected by the board pursuant to paragraphs a through g of subdivision 3 of this section, and to the extent not deemed confidential or proprietary by the bank, paragraph h, at the community district, borough, and citywide levels of aggregation. For purposes of this section, "fiscal year" shall mean the period from July first to June thirtieth.
2. The board shall consist of eight members who shall be: the mayor or his or her designee, the comptroller or his or her designee, the speaker of the council or his or her designee, the commissioner of the department of housing preservation and development, the commissioner of the department of finance, a member of a community-based organization whose principal purpose is community and/or economic development, or consumer protection who shall be designated by the speaker, a representative of an organization or association that represents small business owners who shall be designated by the speaker and a representative of the city banking industry who shall be designated by the mayor. The mayor, comptroller, speaker and commissioners shall serve for the duration of their tenure. The three nongovernmental members shall serve four years from the date of their appointment, or through the issuance of two needs assessments pursuant to paragraph a of subdivision 1 of this section, whichever is longer, and be eligible for reappointment; provided, however, that each member shall serve until his or her qualified successor is appointed. Any vacancy occurring other than by expiration of term shall be filled in the same manner as the original position was filled for the unexpired portion of the term. Members shall serve without compensation. The members of the board shall be appointed within sixty days of the effective date of the local law that added this section.
3. In performing its functions as set forth in subdivision 1 of this section, the board shall seek to collect and consider information at the census tract level, relating to the credit, financial and banking services needs throughout the City and the extent to which such needs are being met, including but not limited to, information, to the extent applicable, regarding each deposit bank's efforts to:
a. address the key credit and financial services needs of small businesses;
b. develop and offer financial services and products that are most needed by low and moderate income individuals and communities throughout the city and provide physical branches;
c. provide funding, including construction and permanent loans and investments, for affordable housing and economic development projects in low and moderate income communities;
d. In the case of properties acquired by foreclosure and owned by the bank, reasonably address serious material and health and safety deficiencies in the maintenance and condition of the property;
e. conduct consumer outreach, settlement conferences, and similar actions relating to mortgage assistance and foreclosure prevention, and provide information, at the community district level to the board, relating to mortgage and foreclosure actions, including, but not limited to, total number of loans serviced and/or owned by the bank, total number of loans that are at least sixty days delinquent, total number of foreclosures commenced, total number of foreclosures prevented through loan modification, short sales, deeds in lieu of foreclosure or other mechanisms, total number of loan modifications applications, total number of loan modifications made and denied, and bank owned properties donated or sold at a discount;
f. partner in the community development efforts of the city;
g. positively impact on the city and its communities through activities including, but not limited to, philanthropic work and charitable giving; and
h. plan for and articulate how the bank will respond to the credit, financial and banking services needs of the city identified by the needs assessment pursuant to paragraph a of subdivision 1 of this section, as applicable to the bank's type and size.
In performing the needs assessment pursuant to paragraph a of subdivision 1 of this section, the board shall also consider, to the extent practicable, the information listed in paragraphs a through g of this subdivision relating to the efforts of the city's banking industry as a whole.
4. In preparation for each annual report pursuant to paragraph b of subdivision 1 of this section, the board shall publish all information collected pursuant to paragraphs a through g of subdivision 3 of this section, and to the extent not deemed confidential or proprietary by the bank, paragraph h, summarized at the community district, borough, and citywide levels of aggregation, for each deposit bank on the department's website no later than November first of the year preceding the issuance of the report. At least thirty days after such publication, but no later than December fifteenth, the board shall hold a public hearing at which the public may testify concerning the efforts and extent to which the deposit banks are meaningfully addressing the credit and financial needs throughout the city. The board shall also take written comments for at least thirty days preceding such public hearing.
5. On or before March 1, 2013 and on or before March 1, 2014, the board shall publish on the department's website, for each deposit bank, the information collected pursuant to paragraphs a through g of subdivision 3 of this section, and to the extent not deemed confidential or proprietary by the bank, paragraph h, summarized at the community district, borough, and citywide levels of aggregation. Each such publication of information shall specifically identify any deposit bank's failure to provide information requested in writing by the board pursuant to subdivision 3 of this section that is applicable to such deposit bank.
1. There shall be within the department an office of the city sheriff which shall be subject to the supervision and control of the commissioner of finance. Notwithstanding any other provision of law, the commissioner of finance may exercise or assign within the department such management functions of the office of the sheriff, including but not limited to those functions related to the appointment and removal of deputy sheriffs and other personnel of such office pursuant to the civil service law, as he or she may deem appropriate to achieve effective and efficient functioning and management of such office.
2. Except as otherwise provided by law, the city sheriff shall exercise the functions, powers and duties formerly exercised by the sheriffs of the several counties.
Editor's note: For related unconsolidated provisions, see Administrative Code Appendix A at L.L. 1995/053.
1. Notwithstanding any other provisions of law to the contrary, the commissioner may enter into contracts with collection agencies for the collection of (i) any or all tax warrants and judgments for all city taxes subject to collection by the department, other than real property taxes, or (ii) city water and sewer charges, or both; provided however, that any such contract shall be subject to the provisions of sections three hundred twelve and three hundred thirteen.
2. Any such contract shall apply only to such tax warrants and judgments and to such water and sewer charges as the commissioner may refer to the collection agency, and shall be terminable at the will of the commissioner.
3. The consideration to be paid to such collection agency may be a percentage or percentages of the amount collected by such agency, or as otherwise provided in the contract, but shall be within the amount appropriated and available for such purpose.
4. No legal action to collect tax warrants and judgments or water and sewer charges under any contract entered into pursuant to this section shall be initiated without the express written permission of the corporation counsel, and the selection of any attorney to take such legal action shall be subject to the approval of the corporation counsel.
5. Before beginning performance of a contract authorized by subdivision one of this section, the contracting collection agency shall give security for faithful performance and shall provide such insurance policies, including but not limited to a comprehensive general liability insurance, naming the city as a party in interest, as the commissioner may require. The adequacy and sufficiency of such security and insurance policies, as well as the justification and acknowledgement thereof, shall be subject to the approval of the comptroller. The commissioner, in his or her discretion, may require additional security or insurance in such amounts and running to such city officers and employees as the commissioner may require, to indemnify them for any liability incurred by reason of any act or omission of such collection agency.
6. No contract entered into pursuant to this section may be so worded as to grant to any contracting collection agency the exclusive right to perform any work authorized by this section.
The city may maintain a revenue stabilization fund to serve as a year-to-year reserve account, subject to the New York state financial emergency act for the city of New York as amended from time to time or any successor statute. Such fund shall be created and operated in accordance with any applicable state law.
(L.L. 2019/215, 12/11/2019, eff. 12/11/2019)