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Banking Law

N.Y. to Give Banks Anti-Redlining Credit for Climate Investments (1)

Feb. 9, 2021, 6:22 PM; Updated: Feb. 9, 2021, 9:51 PM

New York-regulated banks will get credit under the state’s Community Reinvestment Act for financing solar panels and other projects to combat climate change, the state’s financial regulator said.

State-regulated banks will be able to boost their CRA scores by addressing climate change in low- to moderate-income communities, the New York Department of Financial Services announced Tuesday.

The agency issued guidance to banks that includes a list of “climate resiliency activities” that qualify for credit under the CRA. Eligible projects include solar panels, water conservation equipment, and energy-efficient air conditioning units in multifamily residential buildings, among other things.

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