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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! 

It's easy to add your name with this form - .

See below for more information from the Responsible Business Lending Coalition - and the support letter with signers to date, attached. 

Thanks for your consideration. 

Be well,

Colleen M. Ryan
Consulting Executive Director
NYS Community Development Financial Institutions Coalition
C: 518-428-9348 

Not a member? 
Please consider joining the
NYS CDFI Coalition today! 

Senate Bill S5470B has been assigned a "Same As" bill in the Assembly: A10118A

Senate Bill S5470B

Requires certain providers that extend specific terms of commercial financing to a recipient to disclose certain information about the offer to the recipient



Recent Actions:

  • Mar 13, 2020 - PRINT NUMBER 5470A
  • Jul 13, 2020 - PRINT NUMBER 5470B
    Review S5470B on
Our Mission

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.
New York State Community Development Financial Institutions Coalition
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