assembly Bill A6247A

Signed By Governor
2021-2022 Legislative Session

Relates to the assessment of the record of performance of mortgage bankers in helping to meet the credit needs of local communities

download bill text pdf

Sponsored By

Current Bill Status - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

view actions (17)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Nov 01, 2021 signed chap.549
Oct 22, 2021 delivered to governor
Jun 10, 2021 returned to assembly
passed senate
3rd reading cal.1691
substituted for s5246a
Jun 09, 2021 referred to rules
delivered to senate
passed assembly
Jun 02, 2021 ordered to third reading rules cal.343
rules report cal.343
reported
Jun 01, 2021 reported referred to rules
May 24, 2021 reported referred to ways and means
May 19, 2021 print number 6247a
May 19, 2021 amend (t) and recommit to banks
Mar 10, 2021 referred to banks

A6247 - Details

See Senate Version of this Bill:
S5246
Law Section:
Banking Law
Laws Affected:
Add §28-bb, Bank L

A6247 - Summary

Relates to the assessment of the record of performance of mortgage bankers in helping to meet the credit needs of local communities.

A6247 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6247
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 10, 2021
                                ___________
 
 Introduced  by  M. of A. PEOPLES-STOKES -- read once and referred to the
   Committee on Banks
 
 AN ACT to amend the banking law, in relation to including non-depository
   lenders in the state community reinvestment act
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  Subdivisions  1 and 4 of section 28-b of the banking law,
 subdivision 1 as amended by chapter 360 of the laws of 1984, and  subdi-
 vision  4  as amended by chapter 180 of the laws of 2012, are amended to
 read as follows:
   1. Each banking institution as defined in  subdivision  four  of  this
 section  to  which the Community Reinvestment Act of 1977, United States
 P.L. 95-128, applies shall file with the superintendent a copy  of  each
 report and document which it is required to prepare for or file with one
 or  more federal agencies pursuant to the provisions of that law and the
 rules  and  regulations  promulgated  thereunder.  NOTWITHSTANDING   ANY
 PROVISION  OF LAW TO THE CONTRARY, EACH PERSON OR ENTITY LICENSED PURSU-
 ANT TO ARTICLE NINE OF THIS CHAPTER TO WHICH THE COMMUNITY  REINVESTMENT
 ACT  OF  1977, UNITED STATES P.L. 95-128, DOES NOT APPLY SHALL FILE WITH
 THE SUPERINTENDENT REPORTS AND DOCUMENTS PURSUANT  TO  RULES  AND  REGU-
 LATIONS  PROMULGATED  BY  THE SUPERINTENDENT WHICH ARE EQUIVALENT TO THE
 REPORTS AND DOCUMENTS REQUIRED PURSUANT TO  THE  COMMUNITY  REINVESTMENT
 ACT  OF  1977,  UNITED  STATES P.L. 95-128 AND THE RULES AND REGULATIONS
 PROMULGATED THEREUNDER. Where  a  banking  institution  has  filed  such
 reports  or  documents with the superintendent, an update of the reports
 or documents shall be required at such time as the  banking  institution
 requests  the  superintendent  to  take any action on any application to
 which the provisions of subdivision three of this section apply.
   4. Notwithstanding any other provision of this chapter or other law to
 the contrary, the term banking institution when  used  in  this  section
 shall  mean  and  include  all  banks,  trust  companies, savings banks,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

Co-Sponsors

A6247A (ACTIVE) - Details

See Senate Version of this Bill:
S5246
Law Section:
Banking Law
Laws Affected:
Add §28-bb, Bank L

A6247A (ACTIVE) - Summary

Relates to the assessment of the record of performance of mortgage bankers in helping to meet the credit needs of local communities.

A6247A (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6247--A
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 10, 2021
                                ___________
 
 Introduced  by  M. of A. PEOPLES-STOKES -- read once and referred to the
   Committee on Banks --  committee  discharged,  bill  amended,  ordered
   reprinted as amended and recommitted to said committee
 
 AN  ACT  to  amend the banking law, in relation to the assessment of the
   record of performance of mortgage bankers in helping to meet the cred-
   it needs of local communities
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.   The banking law is amended by adding a new section 28-bb
 to read as follows:
   § 28-BB. CREDIT NEEDS OF LOCAL COMMUNITIES; MORTGAGE BANKERS. 1.  WHEN
 TAKING ANY ACTION ON AN APPLICATION MADE BY A MORTGAGE  BANKER  LICENSED
 PURSUANT TO SECTION FIVE HUNDRED NINETY-ONE OF THIS CHAPTER FOR A CHANGE
 IN  CONTROL UNDER SECTION FIVE HUNDRED NINETY-FOUR-B OF THIS CHAPTER, OR
 ON ANY OTHER APPLICATION OR NOTICE TO WHICH THE SUPERINTENDENT OF FINAN-
 CIAL SERVICES SHALL BY RULE OR REGULATION MAKE APPLICABLE THE PROVISIONS
 OF THIS SECTION, THE SUPERINTENDENT SHALL TAKE INTO ACCOUNT, AMONG OTHER
 FACTORS, AN ASSESSMENT, IN WRITING, OF THE RECORD OF PERFORMANCE OF  THE
 MORTGAGE BANKER IN HELPING TO MEET THE CREDIT NEEDS OF ITS ENTIRE COMMU-
 NITY,  INCLUDING  LOW  AND MODERATE INCOME NEIGHBORHOODS, AND CONSISTENT
 WITH SAFE AND SOUND OPERATION OF THE MORTGAGE  BANKER.  SUCH  ASSESSMENT
 AND ANY WRITTEN COMMUNICATIONS FROM THE DEPARTMENT OF FINANCIAL SERVICES
 TO A MORTGAGE BANKER RELATING TO SUCH ASSESSMENT SHALL BE MADE AVAILABLE
 TO  THE  PUBLIC  UPON  REQUEST,  PROVIDED THAT NOTHING CONTAINED IN THIS
 SUBDIVISION SHALL BE DEEMED TO ALTER, AMEND OR AFFECT THE PROVISIONS  OF
 SUBDIVISION  TEN  OF SECTION THIRTY-SIX OF THIS ARTICLE.  IN MAKING SUCH
 ASSESSMENT OF A MORTGAGE BANKER, THE  SUPERINTENDENT  SHALL  REVIEW  ALL
 REPORTS  AND  DOCUMENTS FILED BY THE MORTGAGE BANKER PURSUANT TO SECTION
 FIVE HUNDRED NINETY-SEVEN OF THIS CHAPTER. IN ADDITION, THE  SUPERINTEN-
 DENT  SHALL CONSIDER THE FOLLOWING FACTORS IN ASSESSING A MORTGAGE BANK-
 ER'S RECORD OF  PERFORMANCE,  AND  INCLUDE  IN  ITS  WRITTEN  ASSESSMENT
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.