Subscriber login

News
What you need to know for 04/23/2017

New York mulls how to use $300M bank settlement

New York mulls how to use $300M bank settlement

Candidates and state officials in New York are proposing ways to use $300 million the state will rec

Candidates and state officials in New York are proposing ways to use $300 million the state will receive as part of the national Bank of America settlement.

Several candidates for the state Senate say the money could help local school districts reduce property taxes.

Gov. Andrew Cuomo's office says his administration is inclined to spend the money on one-time expenses such as transportation infrastructure and not on new programs that would need additional funding when the settlement money runs out.

Bank of America will also pay New York another $500 million in the form of mortgage modifications and other measures to help consumers and local communities.

The settlement is part of a $16.65 billion national settlement over the bank's role in the 2008 financial crisis.

View Comments
Hide Comments
You have 0 articles 1 articles 2 articles 3 articles 4 articles 5 articles 6 articles 7 articles remaining of Daily Gazette free premium content.

You have reached your monthly premium content limit.

Continue to enjoy Daily Gazette premium content by becoming a subscriber.
Already a subscriber? Log In