Press Release 

April 08, 2020

STATEMENT BY SUPERINTENDENT OF FINANCIAL SERVICES LINDA A. LACEWELL ON PROPOSED RULEMAKING FOR COMMUNITY REINVESTMENT ACT (CRA):

“The CRA was enacted to remedy discrimination and lack of access to credit in minority and low- and moderate-income communities. Although the CRA has had a substantial positive impact, many such communities remain under-served. It is particularly important for our federal regulators to maintain the effectiveness of the CRA in view of the current pressure on the financial markets and consumer need for capital and funding due to the Coronavirus (COVID-19) pandemic. The OCC’s misguided proposal to revise the CRA would be a step backwards and fundamentally undermine the CRA, especially during this time of national emergency. The OCC must significantly revise or abandon the proposed rule. DFS will continue to step up for our communities by upholding and executing our independent authority under the New York CRA.”

Read a copy of the Superintendent’s letter here.