Seeking to encourage lending rather than paperwork, New York regulators have revised the community reinvestment requirements for state-chartered banks.

As of Dec. 3, the New York State Banking Department will grade institutions on their lending, service, and investment in the community. The new rule closely parallels the recently revised federal Community Reinvestment Act regulation, which became fully effective in July.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.