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Financial Services Law Insights and Observations

New York Department of Financial Services calls on regulated entities to fund or partner Community Development Financial Institutions

State Issues Covid-19 New York

State Issues

On April 5, the New York Department of Financial Services Superintendent Linda Lacewell published a letter to state-regulated entities encouraging them to fund or partner with Community Development Financial Institutions. Lacewell stated that CDFIs play a major role in enabling the Paycheck Protection Loan Program established by the CARES Act for low and medium income communities, and without CDFI funding and grants, many New York small businesses will not be able to survive the economic fallout caused by Covid-19.