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Press Release
Statement of New York Superintendent of Banks Richard H. Neiman
$15 Million Budget Allocation Will Ensure Community Development Financial Institutions (CDFIs) Continue Much-Needed Financial Services to Underserved Communities

May 17, 2010

New York, N.Y.: Richard H. Neiman issued the following statement in support of the $15 million allocation to Community Development Financial Institutions (CDFIs) currently included in the proposed New York State Budget for 2010-2011.

“CDFIs play a critical role in ensuring that New York’s rural and underserved communities have access to crucial and affordable financial services for consumers and small businesses, filling in the gaps left by other financial institutions.”

“The current foreclosure crisis is partially a result of insufficient access to traditional credit.  When banks are absent from a community, non-banks or even predatory lenders may fill the vacuum.”

“With the $15 million allocation and matching federal funds, New York CDFIs would be empowered to make more than $100 million in loans for affordable housing and small businesses. These loans would help to meet the growing needs of low-to-moderate income areas throughout the state, adding to CDFIs’ already proven track record of job creation and community-building. I strongly encourage the State Legislature to take this step in ensuring that low and moderate income families are able to weather this recession and be part of our future economic recovery.”

The Third Annual New York Coalition of CDFIs Statewide Conference: Expanding Opportunity in New York State is being held on May 17-18 in Albany, New York. For more information about the Coalition and the conference, visit http://www.natfed.org/i4a/pages/index.cfm?pageid=424.

The New York State Banking Department is the regulator for all state-chartered banking institutions, virtually all of the United States offices of international banking institutions, all of the State’s mortgage brokers, mortgage bankers, check cashers, money transmitters and budget planners. The aggregate assets of the depository institutions supervised by the Banking Department are more than $2.4 trillion.

In addition to regulating banking institutions, the Banking Department is active in informing and educating all New Yorkers on banking matters. To contact the Banking Department, please call 1-877-BANK-NYS or visit our Web site at www.dfs.ny.gov.