NY Banking Regulators Withdraw Errant Draft CRA Guideline, Issuers Would Have Been Expected to Perform Due Diligence
August 27, 2001
New York banking regulators said they mistakenly posted a draft industry letter on their web site last month that caused a major uproar in the securities and banking industries. The New York State Banking Department said the July 26 letter was a draft guideline that should not have been posted at all. It was removed last week from the web site and replaced by a revised guideline.