As you may know, in 2012 NYC Responsible Banking ACT (Local Law 38) established the Community Investment Advisory Board (CIAB), which is required to conduct a community banking and financial service needs assessment every two years. In addition to extensive data analysis, the law requires the CIAB to hold a public hearing in each of the five NYC boroughs as part of the banking and financial service needs assessment process. The biennial needs assessment is intended to identify local bank and financial service requirements, particularly in underserved areas, and established benchmarks, best practices, and recommendations to meet those needs. The first biennial needs assessment will be used for CIAB annual report on how NYC Desginated Banks are meeting the banking and financial service needs of our communities. That report will be released later this year.
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