New York Laws
Article 2 - Department of Financial Services; Superintendent of Financial Services; Supervisory and Regulatory Powers
28-BB - Credit Needs of Local Communities; Mortgage Bankers.

(a) Activities conducted by the mortgage banker to ascertain credit
needs of its community, including the extent of the mortgage banker's
efforts to communicate with members of its community regarding the
services being provided by the mortgage banker;
(b) The extent of the mortgage banker's marketing and special programs
to make members of the community aware of the services offered by the
mortgage banker;
(c) The extent of the mortgage banker's participation in community
outreach, community development or redevelopment, and educational
programs;
(d) The extent of participation by the mortgage banker's board of
directors, advisory committee, managing members or executive management
or equivalent body or person, in formulating the mortgage banker's
policies and reviewing its performance with respect to the purposes of
this section;
(e) Any practices intended to discourage application for types of
credit offered by the mortgage banker;
(f) The geographic distribution of the mortgage banker's credit
extensions, credit applications, and credit denials;
(g) Evidence of prohibited discriminatory or other illegal credit
practices;
(h) The mortgage banker's record of opening and closing offices and
providing services at offices;
(i) The mortgage banker's participation in governmentally-insured,
guaranteed or subsidized loan programs for housing;
(j) The mortgage banker's ability to meet various community credit
needs based on its financial condition, size, legal impediments, local
economic condition and other factors; and
(k) Other factors that, in the judgment of the superintendent,
reasonably bear upon the extent to which a mortgage banker is helping to
meet the credit needs of its entire community.
2. In assessing the record of performance of a mortgage banker
pursuant to the provisions of subdivision one of this section, the
superintendent may, where he or she deems it appropriate, provide for

public hearings when an objection to the mortgage banker's application
or notice has been submitted.
3. An assessment of a mortgage banker's record of performance under
subdivision one of this section may be the basis for denying an
application under the provisions of this section.
4. Notwithstanding any other provision of this chapter or other law to
the contrary, the term mortgage banker when used in this section shall
mean and include mortgage bankers licensed pursuant to section five
hundred ninety-one of this chapter that originate a minimum number of
loans annually, such number to be set by regulation promulgated by the
superintendent.
5. The superintendent is hereby authorized and empowered to promulgate
rules and regulations effectuating the provisions of this section,
including any rules and regulations providing that the assessment of
mortgage bankers shall be made on a graduated numerical basis.
6. If any clause, sentence, paragraph, subdivision or part of this
section or the application thereof to any person, firm, or corporation,
or circumstance shall be adjudged by any court of competent jurisdiction
to be invalid or unconstitutional, such judgment shall not affect,
impair or invalidate the remainder thereof, but shall be confined (i) in
its operation to the clause, sentence, paragraph, subdivision, or part
of this section or (ii) in its application to the person, firm or
corporation, or circumstance, directly involved in the controversy in
which such judgment shall have been rendered.

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