21 CRR-NY 4251.7NY-CRR
21 CRR-NY 4251.7
21 CRR-NY 4251.7
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).
21 CRR-NY 4251.7
Current through September 15, 2021
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IMPORTANT NOTE REGARDING CONTENT CURRENCY: JULY 31, 2023, is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Admisnistrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of the NYS Rules.