FINANCIAL SERVICES SUPERINTENDENT MARIA T. VULLO ANNOUNCES THE APPROVAL OF NEW BANKING DEVELOPMENT DISTRICTS WITHIN THE BROOKLYN and BRONX TO GROW ACCESS TO FINANCIAL SERVICES TO UNDERSERVED NY COMMUNITIES
brand New Banking Development Districts Will Be created in Community District 4 within the Bronx, and components of Clinton Hill and Prospect Heights in Brooklyn
Underneath the BDD system, Spring Bank and Ridgewood Savings Bank Will obtain Financial Incentives to ascertain, Expand and protect use of Banking services and products to gain tens of thousands of customers and companies within the Bronx and Brooklyn
Financial solutions Superintendent Maria T. Vullo today announced that the Department of Financial Services (DFS) has authorized two brand new Banking Development Districts (BDDs): Community District 4, encompassing Concourse Village, East Concourse, Highbridge, Mt. Eden and western Concourse within the Bronx, and portions of Community Districts 2, 3 and 8, comprising components of Clinton Hill and Prospect Heights in Brooklyn. The authorized districts, involving two state-chartered banking institutions, Spring Bank and Ridgewood Savings Bank, can lead to the expansion of access to banking that is retail and items for unbanked and underbanked customers, along with small enterprises, into the Bronx and Brooklyn. Brooklyn Borough President Eric L. Adams and Bronx Borough President Ruben Diaz Jr. and had been co-applicants with Ridgewood Savings Bank in Brooklyn and Spring Bank into the Bronx when it comes to brand new BDDs.
вЂњExpanding usage of banking solutions in underserved communities is just a concern, and I also have always been happy that these two banks that are state-chartered consented to offer such essential solutions to customers and small enterprises in low- and moderate-income areas,вЂќ said Financial Services Superintendent Maria T.