NYDFS has adopted a new Community Reinvestment Act regulation. It has been looking at the issue for quite some time.
According to DFS the final regulation details how institutions must collect and submit data while abiding by fair lending laws. Banks will be required to report to DFS details of applications, such as:
• whether the applicant is a minority-owned business, a women-owned business, or both;
• the date of application;
• type of credit applied for and amount, and whether the application was approved or denied;
• the size of the business and the location of the business.
The regulation [HERE] will take effect on August 8, 2023.