Authorizes the New York state department of financial services to oversee the planned closing of bank branch offices by federally chartered banking organizations.

This bill allows the New York State Department of Financial Services to supervise the process when federally chartered banks plan to close their branch offices. This means that the state will have a say in how these closures are managed and can ensure that the interests of customers and communities are considered.

Supporters of the bill argue that it is essential for protecting consumers and ensuring that communities are not left without banking services. By giving the state oversight, the bill aims to promote transparency and accountability from banks during branch closures.

Critics may argue that this bill could create unnecessary bureaucratic hurdles for banks, making it harder for them to operate efficiently. They might also contend that increased oversight could slow down the process of closing branches, potentially leading to financial losses for the banks involved.