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NY A01921
Bill
Status
1/17/2017
Primary Sponsor
Crystal Peoples-Stokes
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AI Summary
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Amends Banking Law Section 28-b to require the Department of Financial Services superintendent to include a separate written discussion of each assessment factor when evaluating banking institutions' community credit performance.
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Mandates that assessments include a complete explanation of how each factor was considered, with specific annual data on housing loans for low and moderate-income residents and marketing efforts in those areas.
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Requires inclusion of data on farm loans, small business loans serving low and moderate-income areas, nonprofit community development investments, staffing for community lending, and participation in government or private loan guarantee programs.
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Makes the assessment, explanation, and related departmental communications available to the public upon request, subject to existing confidentiality provisions.
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Becomes effective 120 days after enactment, with authorization for the Department of Financial Services to adopt necessary rules and regulations immediately.
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
ordered to third reading cal.146
1/3/2018