Weather Alert(1)!
"Winter Weather Advisory" ...Winter Weather Advisory in effect from 3 PM Tuesday to 2 am EST Wednesday... The National Weather Service in New York has issued a Winter Weather Advisory for snow and freezing rain...which is in effect from 3 PM Tuesday to 2 am EST Wednesday. * Locations...New York City...Nassau and western Suffolk well as Union...Essex and Hudson counties... * hazard types...snow and freezing rain. * Accumulations...snow accumulation of 1 to 3 inches...along with a trace to a few hundredths of an inch of ice. * Temperatures...starting in the mid to upper 20s Tuesday afternoon...then slowly rising into the lower 30s to mid 30s late Tuesday night. * Timing...snow develops late Tuesday afternoon...then mixes with sleet and freezing rain Tuesday evening before changing to freezing rain by midnight...then to plain rain late at night. * Impacts...snow covered surfaces...coated with ice...will make traveling difficult at times. Precautionary/preparedness actions... A Winter Weather Advisory means that periods of snow...sleet...or freezing rain will cause travel difficulties. Be prepared for slippery roads and limited visibilities...and use caution while driving. -- Tuesday Mar.03 15,04:00 AM Weather  |  LIRR  |  Traffic  |  Traffic Cams |  Weather News


Governor Cuomo Announces Approval of First-Ever Long Island Banking Development District to Help Underserved Consumers

Press Releases

Under BDD Program, Brentwood Community Banks Will Receive Financial Incentives to Expand and Preserve Access to Banking Services for Consumers.

Brentwood, NY -February 28, 2014 - Governor Andrew M. Cuomo today announced the approval of the Brentwood neighborhood in the Town of Islip (Suffolk County) as a Banking Development District (BDD) – the first-ever BDD on Long Island. This BDD designation for Brentwood provides financial incentives – such as the potential deposit of state funds in area institutions – to help expand and preserve access to retail banking services for unbanked and underbanked consumers in that community.

“Being able to get a bank account or a loan can make a world of difference for a family trying to responsibly manage their finances,” said Governor Cuomo. “Expanding access to financial services can help provide New York families with better tools to save for a rainy day, put their children through college, or buy a home.”

Benjamin M. Lawsky, Superintendent of Financial Services, said: “Unbanked New Yorkers often find themselves relying on check cashers or predatory payday lenders, which can take a big bite out of their paychecks. Expanding access to low-cost checking and savings accounts can help give those families a greater opportunity to build secure financial futures.”

The Town of Islip and New York Community Bank (NYCB) jointly applied for Brentwood's BDD designation. Brentwood – a majority Hispanic community – is underserved by traditional banking services. It has fewer banks per capita than most other Suffolk County neighborhoods, despite being the county’s most densely populated area. As a result, many residents rely primarily on check cashers or other money transfer agents.

In its joint application with the Town of Islip, NYCB stated that this BDD designation will help that bank continue operations at its Brentwood branch and expand its services. The proposed new services outlined in NYCB's BDD application include starter savings accounts that require as little as one dollar to open as well as checking accounts with no minimum balances. The BDD designation will also allow the branch to preserve existing services such small business loans and business checking and savings accounts.

Suffolk County Executive Steve Bellone said, “This is welcome news for the residents of the Brentwood community. I commend Governor Cuomo for pulling together resources allowing access to loans and credit to dramatically improve the quality of life for Brentwood residents.”

NYCB also plans to work with various community organizations to provide financial education programs for residents and businesses within the BDD, in addition to small business training and workshop programs.

comments powered by Disqus

Join Our Weekly Newsletter

Sign up for a free weekly newsletter covering things to do, hottest local headlines, and everything Long Island! Read more here or enter your email to signup.

     Newsletter Archive
Advertise With Us
Open Feedback Dialog