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N.Y. Mulls Anti-Redlining Credit for Banks’ Small Business Loans

Nov. 3, 2021, 5:21 PM

New York financial regulators plan to tweak the state’s anti-redlining laws to measure how much credit banks are offering to small businesses owned by women and minorities.

The New York Department of Financial Services’ proposed change to the state’s Community Reinvestment Act “will guarantee DFS has the necessary data to ensure banks are evolving to best serve their communities and protect against redlining and fair lending violations,” acting New York Superintendent of Financial Services Adrienne Harris said in a statement Wednesday.

The proposal will be open for comment for 60 days after it’s published in the state register.

New York’s ...