Bill Text: NY A03385 | 2015-2016 | 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.

Sponsorship: Partisan Bill (Democrat 10)

Status: (Introduced - Dead) 2016-05-12 - advanced to third reading cal.583 [A03385 Detail]

Download: New_York-2015-A03385-Introduced.html

---

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3385
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 22, 2015
                                      ___________
       Introduced  by  M.  of  A.  ROBINSON, CRESPO, RODRIGUEZ, WEPRIN, CAMARA,
         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.
                                                                  LBD00886-01-5
       A. 3385                             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    S 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.