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NY A08121
Bill
Status
6/3/2009
Primary Sponsor
Inez Barron
Click for details
AI Summary
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Amends banking law to require written assessments of banking institutions' performance in meeting community credit needs to include a separate discussion of each assessment factor and a complete explanation of how each factor was considered
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Mandates inclusion of annual data on housing loans to low and moderate-income residents, marketing efforts for housing and small business loans in low and moderate-income areas, farm loans, and small business loans serving low and moderate-income communities
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Requires assessments to address financial investments in nonprofit community development projects, manpower resources for low and moderate-income lending, and participation in government or privately-sponsored loan insurance and subsidy programs
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Makes assessments and related written communications from the banking department available to the public upon request, while preserving existing confidentiality protections
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Takes effect 120 days after becoming law, with rule and regulation changes authorized immediately for implementation
Legislative Description
Requires inclusion and explanation of additional annual data in assessing record of performance of banking institutions in meeting community credit needs; additional data to include but not be limited to: loans for housing low and moderate-income residents of low and moderate income areas, the scope of efforts to market housing and small business loans in low and moderate-income areas and other data.
Last Action
REFERRED TO BANKS
3/15/2010