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NY A01362
Bill
Status
1/5/2011
Primary Sponsor
Hakeem Jeffries
Click for details
AI Summary
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Amends Banking Law Section 28-b to require the superintendent to include a separate written discussion of each assessment factor when evaluating a banking institution's performance in meeting community credit needs.
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Mandates annual data reporting 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 residents.
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Requires the superintendent's assessment to include data on financial investments and contributions to nonprofit community development projects, manpower resources dedicated to affordable housing and small business lending, and participation in government or privately-sponsored loan insurance and guarantee programs.
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Makes assessments and related communications from the banking department available to the public upon request, subject to existing confidentiality provisions.
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Takes effect 120 days after becoming law, with authority to adopt necessary rules and regulations prior to the effective date.
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
advanced to third reading cal.576
5/17/2012