Bloomberg, June 30, 2020: NY Regulator Urges Banks to Lend to Firms Owned by Women, Minorities
New York’s financial regulator is pushing the state’s banks to assist minority- and women-owned businesses that are struggling to access credit during the coronavirus pandemic.
The New York State Department of Financial Services issued a letter Tuesday reminding lenders of amendments to the state’s Community Reinvestment Act, under which banks are evaluated on how they meet the credit needs of businesses owned by women and minorities.
“Reports have shown people of color and minority- and women-owned businesses struggle to access credit and this is especially true during a global pandemic,” Superintendent Linda A. Lacewell said in a statement.
