Big Drop-Off in NY Banks’ Community Lending

July 16, 2010  |  

(Crain’s) — Despite a 10% jump in deposits, New York’s largest banks substantially cut the amount of loans and services targeted to low- and moderate-income communities between 2007 and 2008, according to a report released Thursday by a local advocacy group.

Among the 17 largest commercial, savings and wholesale banks in the five boroughs, there was a 20.2%, or $560 million, drop-off in community development lending; a 24.2%, or $1.3 billion, cut in multi-family lending; and a decrease in the share of branches located in low-income communities to 8.8% from 9.3%.

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