Ask Reggi Your Question Now
Can you summarize 3 NYCRR Part 76?
General Regulations of the Superintendent > Compliance with Community Reinvestment Act Requirements
Short Summary
These legal documents, part of the New York Codes, Rules and Regulations, pertain to compliance with Community Reinvestment Act (CRA) requirements for banking institutions. They outline the evaluation process and criteria for assessing the CRA performance of banking institutions in New York. The documents cover various aspects such as lending activities, investment test, service test, community development test, small banking institution performance standards, strategic plans, assessment areas, filing requirements, data collection requirements for minority- and women-owned businesses, and assessments and public disclosure. The documents emphasize the importance of meeting the credit needs of low- and moderate-income geographies, individuals, and minority- and women-owned businesses. They provide guidelines for assessing lending performance, investment performance, service performance, and community development performance. The documents also address the delineation of assessment areas, the frequency of community reinvestment evaluations, and the rating system for banking institutions based on their CRA performance. Overall, these documents serve as a regulatory framework for promoting community reinvestment and ensuring compliance with CRA requirements by banking institutions in New York.
Whom does it apply to?
Banking institutions
What does it govern?
Compliance with Community Reinvestment Act (CRA) requirements for banking institutions
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
New York