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New York mulls how to use $300M bank settlement

Friday, August 22, 2014
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— 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.

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