NY Banking Agency Launches Small Biz Loan Disclosure Rule

By Katryna Perera (September 21, 2021, 8:37 p.m. EDT) – New York State’s top financial regulator said on Tuesday it was seeking public comment on a plan to standardize what lenders must disclose to small companies when they extend funding for less than $ 2.5 million.

Acting Superintendent of Financial Services Adrienne A. Harris said the proposed new rules would improve transparency for small businesses seeking trade finance and help businesses and individuals understand and compare the terms of different offers. .

The new regulations will also be needed to help small businesses “get back on their feet” after the COVID-19 pandemic, according to the announcement.

The regulation is subject to a 60-day comment period after its publication in …

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