Bill Text: NY A04438 | 2009-2010 | General Assembly | Introduced

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Bill Title: 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

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Introduced - Dead) 2009-05-04 - enacting clause stricken [A04438 Detail]

Download: New_York-2009-A04438-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4438
                              2009-2010 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 4, 2009
                                      ___________
       Introduced  by M. of A. GREENE -- Multi-Sponsored by -- M. of A. PHEFFER
         -- 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 315 of the laws
    3  of 2008, is amended to read as follows:
    4    When taking any action on an application made by a banking institution
    5  under section one hundred five, two  hundred  twenty-four,  two  hundred
    6  forty,  or  three hundred ninety-six of this chapter for a branch office
    7  or under section one hundred ninety-one of this  chapter  for  a  public
    8  accommodation  office or under section six hundred one-b of this chapter
    9  for approval or disapproval of a merger or purchase of assets, or taking
   10  any action on a notice submitted by a banking institution under  section
   11  one hundred five-a, two hundred forty-a or three hundred ninety-six-a of
   12  this chapter for the use or installation of an automated teller machine,
   13  point-of-sale  terminal  or  similar electronic facility or on any other
   14  application to which the banking board shall by rule or regulation  make
   15  applicable the provisions of this section, the superintendent shall take
   16  into  account,  among  other  factors, an assessment, in writing, of the
   17  record of performance of the banking institution in helping to meet  the
   18  credit  needs of its entire community, including low and moderate-income
   19  neighborhoods, consistent with safe and sound operation of  the  banking
   20  institution.  SUCH ASSESSMENT SHALL INCLUDE A SEPARATE DISCUSSION OF THE
   21  RECORD  OF  THE BANKING INSTITUTION PERTAINING TO EACH OF THE ASSESSMENT
   22  FACTORS LISTED IN ALL OF THE  SUBPARAGRAPHS  OF  THIS  PARAGRAPH  AND  A
   23  COMPLETE  EXPLANATION OF HOW EACH OF THESE FACTORS WAS CONSIDERED BY THE
   24  DEPARTMENT IN MAKING THE ASSESSMENT. THIS EXPLANATION SHALL INCLUDE, BUT
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD06349-02-9
       A. 4438                             2
    1  NOT BE LIMITED TO, ANNUAL DATA FOR THE INSTITUTION AS FOLLOWS: LOANS FOR
    2  HOUSING LOW AND MODERATE-INCOME RESIDENTS  OF  LOW  AND  MODERATE-INCOME
    3  AREAS,  AND  THE  SCOPE  OF EFFORTS TO MARKET HOUSING AND SMALL BUSINESS
    4  LOANS  IN  LOW  AND MODERATE-INCOME AREAS; THE AMOUNT OF LOANS TO FARMS,
    5  AND LOANS TO SMALL BUSINESSES THAT PROVIDE SERVICES TO  LOW  AND  MODER-
    6  ATE-INCOME RESIDENTS OF LOW AND MODERATE-INCOME AREAS; FINANCIAL INVEST-
    7  MENTS  IN  AND CONTRIBUTIONS TO NONPROFIT LOCAL COMMUNITY DEVELOPMENT OR
    8  REDEVELOPMENT PROJECTS OR ENTITIES; MANPOWER RESOURCES COMMITTED TO  LOW
    9  AND MODERATE-INCOME HOUSING LENDING AND SMALL BUSINESS LENDING AND OTHER
   10  FORMS  OF  ADMINISTRATIVE SUPPORT FOR SUCH LENDING; AND PARTICIPATION IN
   11  GOVERNMENTALLY OR  PRIVATELY  SPONSORED  LOAN  INSURANCE,  GUARANTEE  OR
   12  SUBSIDY  PROGRAMS  FOR  HOUSING,  SMALL BUSINESSES AND SMALL FARMS. Such
   13  assessment AND EXPLANATION and any written communications from the bank-
   14  ing department to a banking institution relating to such assessment  AND
   15  EXPLANATION shall be made available to the public upon request, provided
   16  that  nothing  contained  in  this subdivision shall be deemed to alter,
   17  amend or affect the provisions of subdivision ten of section  thirty-six
   18  of  this  chapter. In making such assessment AND EXPLANATION, the super-
   19  intendent shall review all reports and documents filed WITH HIM  OR  HER
   20  pursuant  to  subdivision  one  of  this section and any signed, written
   21  comments received by the superintendent which specifically relate to the
   22  banking institution's performance in helping to meet the credit needs of
   23  its community.  In  addition,  the  superintendent  shall  consider  the
   24  following  factors  in  assessing AND EXPLAINING a banking institution's
   25  record of 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.