N.Y. Comp. Codes R. & Regs. tit. 21 § 4251.7

Current through Register Vol. 46, No. 45, November 2, 2024

Section 4251.7 - Application and approval process

The corporation shall identify, review, and approve eligible participating financial institutions through an open recruitment and enrollment process throughout the life of the program. Participating financial institutions participating in the program will possess sufficient commercial lending experience, financial and managerial capabilities, and operational skills to meet the program objectives. The corporation may require from applicants such information or documentation as it deems necessary and appropriate, including one or more of the following documents.

(a) For banks (including CDFI banks):

(1) Uniform banking performance report (UBPR) showing that commercial loans and leases comprise a significant part of the institution's assets.

(2) A UBPR peer group analysis showing that the institution's percentage of non-current loans and leases does not exceed its peer group average.

(b) For community credit unions:

(1) Financial performance reports (FPRs) from the National Credit Union Administration.

(c) For community development financial institutions (excluding banks and community credit unions):

(1) A review of the CDFI's CARS ratings (CDFI assessment and ratings system).

N.Y. Comp. Codes R. & Regs. Tit. 21 § 4251.7