3 CRR-NY 76.2NY-CRR
3 CRR-NY 76.2
3 CRR-NY 76.2
76.2 Definitions.
For purposes of this Part, the following definitions apply:
(a) Affiliate means any company, including a subsidiary, that controls, is controlled by, or is under common control with another company.
(b) Area median income means:
(1) the median family income for the MSA, if a person or geography is located in an MSA, or for the metropolitan division, if a person or geography is located in an MSA that has been subdivided into metropolitan divisions; or
(2) the statewide nonmetropolitan median family income, if a person or geography is located outside an MSA.
(c) Assessment area means a geographic area delineated in accordance with section 76.6 of this Part.
(d) Banking institution means a New York State-chartered commercial bank, trust company, savings bank, savings and loan association or FDIC insured branch of a foreign bank.
(e) Branch means a staffed banking facility approved as a branch, whether shared or unshared, including, for example, a mini-branch in a grocery store or a branch operated in conjunction with any other local business or nonprofit organization.
(f) Community development means:
(1) affordable housing (including multifamily rental housing) for low- or moderate-income individuals;
(2) community services targeted to low- or moderate-income individuals or minority- or women-owned businesses;
(3) activities that promote economic development by financing businesses, including minority- and women-owned businesses, or farms that meet the size eligibility standards of the Small Business Administration's Development Company or Small Business Investment Company programs or have gross annual revenues of $1 million or less;
(4) activities that revitalize or stabilize:
(i) low- or moderate-income geographies;
(ii) designated disaster areas; or
(iii) distressed or underserved nonmetropolitan middle-income geographies designated by the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and OCC, based on:
(a) rates of poverty, unemployment and population loss; or
(b) population size, density, and dispersion. Activities revitalize and stabilize geographies designated based on population size, density and dispersion if they help to meet essential community needs, including needs of low-and moderate-income individuals;
(5) activities that seek to prevent defaults and/or foreclosures in loans included in paragraphs (1) and (3) of this subdivision.
(g) Community development loan means a loan that:
(1) has as its primary purpose community development; and
(2) except in the case of a wholesale or limited purpose banking institution:
(i) has not been reported or collected by the banking institution or an affiliate for consideration in the banking institution's evaluation as a home mortgage, small business, minority- or women-owned business, small farm, or consumer loan, unless it is a multifamily dwelling loan; and
(ii) benefits the banking institution's assessment area(s) or a broader statewide or regional area that includes the banking institution's assessment area(s).
(h) Community development service means a service that:
(1) has as its primary purpose community development ;
(2) is related to the provision of financial services; and
(3) has not been considered in the evaluation of the banking institution's retail banking services.
(i) Consumer loan means a loan to one or more individuals for household, family, or other personal expenditures. A consumer loan does not include a home mortgage, small business, or small farm loan. Consumer loans include the following categories of loans:
(1) motor vehicle loan, which is a consumer loan extended for the purchase of and secured by a motor vehicle;
(2) credit card loan, which is a line of credit for household, family, or other personal expenditures that is accessed by a borrower's use of a “credit card;”
(3) home equity loan, which is a consumer loan secured by a residence of the borrower;
(4) other secured consumer loan, which is a secured consumer loan that is not included in one of the other categories of consumer loans; and
(5) other unsecured consumer loan, which is an unsecured consumer loan that is not included in one of the other categories of consumer loans.
(j) Geography means a census tract delineated by the United States Bureau of the Census in the most recent decennial census.
(k) Home mortgage loan means a home improvement loan, a home purchase loan, a multi- family loan or a refinance loan, including a refinance loan involving a modification, extension and consolidation agreement.
(l) Home state means the state where a state-chartered multi-state banking institution is chartered.
(m) Host state means a state other than the home state of a multi-state banking institution where the banking institution maintains a branch.
(n) Income level includes:
(1) low-income, which means an individual income that is less than 50 percent of the area median income, or a median family income that is less than 50 percent, in the case of a geography;
(2) moderate-income, which means an individual income that is at least 50 percent and less than 80 percent of the area median income, or a median family income that is at least 50 and less than 80 percent, in the case of a geography;
(3) middle-income, which means an individual income that is at least 80 percent and less than 120 percent of the area median income, or a median family income that is at least 80 and less than 120 percent, in the case of a geography; and
(4) upper-income, which means an individual income that is 120 percent or more of the area median income, or a median family income that is 120 percent or more, in the case of a geography.
(o) Limited purpose bank means a banking institution that offers only a narrow product line (such as credit card or motor vehicle loans) to a regional or broader market and for which a designation as a limited purpose banking institution is in effect.
(p) Loan location.
A loan is located as follows:
(1) a consumer loan is located in the geography where the borrower resides;
(2) a home mortgage loan is located in the geography where the property to which the loan relates is located; and
(3) a small business or small farm loan is located in the geography where the main business facility or farm is located or where the loan proceeds otherwise will be applied, as indicated by the borrower.
(q) Metropolitan division means a metropolitan division as defined by the director of the Office of Management and Budget.
(r) Minority means a natural person who is American Indian or Alaska Native, Asian, Black or African American, Native Hawaiian or Other Pacific Islander, and/or Hispanic or Latino.
(s) Minority-owned business means a business more than 50 percent of the ownership or control of which is held by one or more minority individuals.
(t) MSA means a metropolitan statistical area as defined by the director of the Office of Management and Budget.
(u) Multi-state banking institution means a banking institution that maintains branches in one or more host states.
(v) Qualified investment means a lawful investment, deposit, membership share, or grant that has as its primary purpose community development.
(w) Principal owner means any natural person who owns 25 percent or more of the equity interest of a business.
(x) Regulation BB of the Board of Governors of the Federal Reserve System means Part 228 of Title 12, Code of Federal Regulations, Parts 220 to 299 Banks and Banking (revised as of January 1, 2006). (This publication may be viewed at the New York City office of the Department of Financial Services located at One State Street, New York, NY 10004, and the Department of State located at One Commerce Plaza, 99 Washington Avenue, Albany, NY 12231. It is published by the Office of the Federal Register, National Archives and Records Administration and is for sale by the U.S. Government Publishing Office, Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328.)
(y) Small banking institution.
(1) Definition. Small banking institution means a banking institution that, as of December 31 of either of the prior two calendar years, had total assets of less than $1 billion. Intermediate small banking institution means a small banking institution with assets of at least $250 million as of December 31 of both of the prior two calendar years and less than $1 billion as of December 31 of either of the prior two calendar years.
(2) Adjustment. The dollar figures in paragraph (y)(1) of this section shall be adjusted annually and published by the Federal Financial Institutions Examination Council, based on the year-to-year change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers, not seasonally adjusted, for each 12-month period ending in November, with rounding to the nearest million.
(z) Small business loan means a small business loan as defined in Regulation BB of the Board of Governors of the Federal Reserve System (12 CFR* part 228). This definition is based on the size of the loan.
(aa) Small farm loan means a small farm loan as defined in Regulation BB of the Board of Governors of the Federal Reserve System (12 CFR* part 228). This definition is based on the size of the loan.
(ab) Wholesale banking institution means a banking institution that is not in the business of extending home mortgage, small business, small farm, or consumer loans to retail customers, and for which a designation as a wholesale banking institution by the appropriate Federal regulatory authority is in effect.
(ac) Women-owned business means a business more than 50 percent of the ownership or control of which is held by one or more women.
Footnotes
*
For information regarding the United States Code (USC or U.S.C.), the Code of Federal Regulations (CFR) and the Federal Register, see Supervisory Policy G 1.
3 CRR-NY 76.2
Current through January 31, 2023
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