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NYS Truth in Lending Act Support Letter
Dear NYS CDFI -
***This Bill is on the move! Please excuse the duplication if you've already acted on our request for support on Friday.***
As small businesses across the state continue their efforts to recover from the Coronavirus pandemic,we need YOUR SUPPORT to help business owners make informed choices about their borrowing options.
The NYS Community Development Financial Institutions (CDFI) Coalition represents the institutions that make innovative financing possible, foster financially vibrant and healthy communities, and strengthen all regions of New York State.
For several months, we've been thanking NYS Senator Kevin Thomas for his leadership on the NYS Small Business Truth in Lending Act. As community lenders, CDFIs too often see the damage that’s been done when business owners realize too late that their loans have very high interest rates and fees or severe prepayment penalties. CDFIs are committed to offering loans in a fair, affordable and transparent manner. Our members around the state offer their full support for a measure that will require other lenders to behave in the same way.
On Wednesday, the New York State Assembly Banks Committee will consider A.10118/S.5470, sponsored in that house by NYS Assemblymember Ken Zebrowski.
Please join the NYS CDFI Coalition - and many of our member institutions - in supporting this important legislation - before close of business on Tuesday, 7/14!
Our mission is to position CDFIs as the most effective strategy and policy tool to address issues of financial inclusion, housing access and economic opportunity in New York State. Please visit our website to learn more.