New York bank branch introduces new CRA data reporting policy

By Jon Hill (Nov 3, 2021, 11:08 a.m. EDT) – The New York financial services regulator on Wednesday unveiled plans to collect data on loans to minority and women-owned businesses as part of its efforts regulars to assess lenders on how well they are meeting the credit needs of their communities.

The New York Department of Financial Services outlined its expected data collection and reporting requirements in a regulatory proposal under the state’s Community Reinvestment Act, which gives the agency the power to score banks that it oversees on their services to low-income and underserved areas.

The proposal aims to implement the changes state lawmakers made to the law in 2019. These changes, …

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