The federal Community Reinvestment Act (CRA) passed by Congress in 1977 encourages financial institutions to help meet their communities' needs through safe and sound lending practices and by providing retail banking and community development services. In 1978, New York State enacted its own Community Reinvestment Act to ensure that financial institutions meet the needs of their entire communities, including low- and moderate-income residents and neighborhoods. New York State's CRA was adopted after concerns were raised in response to allegations of redlining of poor and minority communities by banking institutions during the 1960s and 1970s. It is presently 35 years after enactment of New York's CRA; the goals and purpose of the state CRA remain critical to the success of our communities in an ever-changing banking system and economic times. The Assembly Committee on Banks and the Subcommittee on Banking in Underserved Communities would like to examine the effectiveness of the program with regard to increasing access to quality financial services in underserved communities. The Committee and Subcommittee would also welcome testimony regarding New York's CRA current assessment and rating standards and practices, and how they effectively ascertain and meet the credit needs of local communities.

Persons wishing to present pertinent testimony to the Committees at the above hearing should complete and return the enclosed reply form as soon as possible. It is important that the reply form be fully completed and returned so that persons may be notified in the event of emergency postponement or cancellation.

Oral testimony will be limited to 10 minute durations. In preparing the order of witnesses, the Committees will attempt to accommodate individual requests to speak at particular times in view of special circumstances. These requests should be made on the attached reply form or communicated to Committee staff as early as possible. In the absence of a request, witnesses will be scheduled in the order in which reply forms are postmarked.

Ten copies of any prepared testimony should be submitted at the hearing registration desk. The Committee would appreciate advance receipt of prepared statements.

In order to further publicize these hearings, please inform interested parties and organizations of the Committee's interest in hearing testimony from all sources.

In order to meet the needs of those who may have a disability, the Assembly, in accordance with its policy of non-discrimination on the basis of disability, as well as the 1990 Americans with Disabilities Act (ADA), has made its facilities and services available to all individuals with disabilities. For individuals with disabilities, accommodations will be provided, upon reasonable request, to afford such individuals access and admission to Assembly facilities and activities.

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Persons wishing to present testimony at the public hearing on New York State's Community Reinvestment Act, are requested to complete this reply form as soon as possible and mail it to: