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History
- Referred to banks
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Requires inclusion and explanation of additional annual data in assessing record of performance of banking institutions in meeting community credit needs
Assembly Floor Calendar · Sponsor Annette Robinson
Full text
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Sponsor's memo
Title of bill
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
Purpose or general idea of bill
Under current law, the Banking Department makes a periodic assessment of a bank's record in meeting the requirements of the Community Reinvestment Act (CRA). This legislation requires the assessment to also include a separate explanation of the record of the bank pertaining to each of the twelve individual assessment factors listed under the CRA, with a separate discussion of how well the bank satisfied each factor. The discussion relates to loans the bank has made in its community and the scope of its efforts to market small business loans in low and moderate income areas. The explanation is to be made available to the public.
Summary of specific provisions
This bill amends section 28-b(3) (a) of the banking law to require a bank's CRA evaluation to include a discussion of their performance record on each of the 12 assessment factors listed in the Community Reinvestment Act; an explanation of how each of the 12 factors was considered by the Department in making the assessments. Also, this bill makes reference to the Superintendent of Banks in a gender neutral manner.
Justification
The lack of detail in the CRA assessments results in assessments that are uninformative and of no help to community leaders and others seeking to work with banks to increase the bank's local community lending and overall social responsiveness.
Prior legislative history
A.8121 of 2009/10 A.1362 of 2011/12 A.3512 of 2013/14
Fiscal implications for state and local governments
None
Effective date
120th day after enactment.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.