Bill Text: NY A01921 | 2017-2018 | General Assembly | Introduced
Bill Title: 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.
Spectrum: Partisan Bill (Democrat 7-0)
Status: (Introduced - Dead) 2018-01-03 - ordered to third reading cal.146 [A01921 Detail]
Download: New_York-2017-A01921-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 1921 2017-2018 Regular Sessions IN ASSEMBLY January 17, 2017 ___________ Introduced by M. of A. PEOPLES-STOKES, CRESPO, RODRIGUEZ, WEPRIN, FARRELL, PERRY -- read once and referred to the Committee on Banks AN ACT to amend the banking law, in relation to assessment of the record of performance of banking institutions in helping to meet the credit needs of local communities The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The opening paragraph of paragraph (a) of subdivision 3 of 2 section 28-b of the banking law, as amended by chapter 227 of the laws 3 of 2013, is amended to read as follows: 4 When taking any action on an application or notice made by a banking 5 institution under (i) section one hundred five, two hundred twenty-four, 6 two hundred forty, or three hundred ninety-six of this chapter for a 7 branch office, (ii) section one hundred ninety-one of this chapter for a 8 public accommodation office, (iii) section six hundred one-b of this 9 chapter for approval of a merger or purchase of assets, or (iv) under 10 section one hundred five-a, two hundred forty-a or three hundred nine- 11 ty-six-a of this chapter for the use or installation of an automated 12 teller machine, point-of-sale terminal or similar electronic facility or 13 on any other application or notice to which the superintendent of finan- 14 cial services shall by rule or regulation make applicable the provisions 15 of this section, the superintendent shall take into account, among other 16 factors, an assessment, in writing, of the record of performance of the 17 banking institution in helping to meet the credit needs of its entire 18 community, including low and moderate-income neighborhoods, consistent 19 with safe and sound operation of the banking institution. Such assess- 20 ment shall include a separate discussion of the record of the banking 21 institution pertaining to each of the assessment factors listed in all 22 of the subparagraphs of this paragraph and a complete explanation of how 23 each of these factors was considered by the department in making the 24 assessment. This explanation shall include, but not be limited to, annu- EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD00724-01-7A. 1921 2 1 al data for the institution as follows: loans for housing low and moder- 2 ate-income residents of low and moderate-income areas, and the scope of 3 efforts to market housing and small business loans in low and moderate- 4 income areas; the amount of loans to farms, and loans to small busi- 5 nesses that provide services to low and moderate-income residents of low 6 and moderate-income areas; financial investments in and contributions to 7 nonprofit local community development or redevelopment projects or enti- 8 ties; manpower resources committed to low and moderate-income housing 9 lending and small business lending and other forms of administrative 10 support for such lending; and participation in governmentally or 11 privately sponsored loan insurance, guarantee or subsidy programs for 12 housing, small businesses and small farms. Such assessment and explana- 13 tion and any written communications from the department of financial 14 services to a banking institution relating to such assessment and expla- 15 nation shall be made available to the public upon request, provided that 16 nothing contained in this subdivision shall be deemed to alter, amend or 17 affect the provisions of subdivision ten of section thirty-six of this 18 chapter. In making such assessment and explanation, the superintendent 19 shall review all reports and documents filed with him or her pursuant to 20 subdivision one of this section and any signed, written comments 21 received by the superintendent which specifically relate to the banking 22 institution's performance in helping to meet the credit needs of its 23 community. In addition, the superintendent shall consider the following 24 factors in assessing and explaining a banking institution's record of 25 performance: 26 § 2. This act shall take effect on the one hundred twentieth day after 27 it shall have become a law. Effective immediately, the addition, amend- 28 ment and/or repeal of any rules or regulations necessary for the imple- 29 mentation of the foregoing section of this act on its effective date are 30 authorized to be made on or before such effective date.
