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On October 26, NYDFS released revisions to its proposed state Community Reinvestment Act regulation, which would allow the Department to obtain the necessary data to evaluate the extent to which New York-regulated banking institutions are serving minority- and women-owned businesses in their communities. The revised proposed regulation addresses comments received during a prior 60-day comment period that began last November (covered by InfoBytes here), and is intended to minimize compliance burdens by making sure the regulation’s proposed language complements requirements in the CFPB’s proposed rulemaking for collecting data on credit access for small and minority- and women-owned businesses. Among other things, the revised proposed regulation would require regulated entities to inquire as to whether a business applying for a loan or credit is minority- or women-owned or both, and submit a report to the Department providing application details, such as the date, type of credit applied for and the amount, whether the application was approved or denied, and the size and location of the business. Additionally, the revised proposed regulation (i) establishes processes for regulated entities when soliciting, collecting, storing, and reporting information related to their provision of credit to minority- and women-owned businesses, including when requests for information should be made, and notifications informing applicants of their right to refuse to offer information in response to a request and that the provided information may not be used for any discriminatory purpose; (ii) provides that, to the extent feasible, underwriters should not be able to access information provided by an applicant; (iii) stipulates how long a regulated entity is required to preserve gathered information; and (iv) provides a sample data collection form that regulated entities may choose to use. According to NYDFS, the revisions are designed to make sure regulated entities abide by fair lending laws when collecting and submitting the necessary data. Comments will be accepted for 45 days following publication in the State Register.