SUMMARY OF LOANS, INCLUDING REDISCOUNTS AND OVERDRAFTS, OF CERTAIN LARGE NEW YORK CITY BANKS, AS OF CLOSE OF BUSINESS JUNE 30 Includes construction and land development loans, loans secured by farmland, loans secured by 1-4 and multifamily residential properties, and loans secured by nonfarm, nonresidential properties. 2 Includes loans to real estate investment trusts and mortgage companies, commercial banks, banks in foreign countries, finance companies in the United States, and to other financial institutions. 3 Loans to finance agricultural production and other loans to farmers. Includes loans to United States and non-U.S. addresses. This category does not include those loans secured primarily by real estate. Includes: (1) loans to purchase private passenger autos on installment basis, (2) credit cards and related plans, (3) loans to purchase other retail consumer goods on installment basis, (4) installment loans to repair and modernize residential property, (5) other installment loans for household, family, and other personal expenditures, (6) single-payment loans for household, family, and other personal expenditures. Includes loans to foreign governments and official institutions and other loans. Sum of above loan categories: items (1) through (7). Unearned income on loans reflected in items above. Note. Per Mr. James A. Pflueger, Division of Research and Statistics, Federal Reserve Board of Governors, Washington, D.C., certain large New York City banks shift some consumer loans to the books of affiliated banks or companies upstate or out of State after those loans are made so that these consumer loan totals may not include all consumer loans originated by these banks and outstanding as of the call report dates. Source: Consolidated reports of condition (June 30, 1978, June 30, 1979, June 30, 1980, June 30, 1981), Federal Reserve Board of Governors, Washington, D.C. Amounts above are consolidated bank totals; that is, include domestic and foreign offices and edge and agreement subsidiaries of each bank. The Commerce, Consumer, and Monetary Affairs Subcommittee will hold a hearing in New York City in late October, 1981 into the type, amount and location of credit made available by your institution for various housing and consumer credit purposes. Specifically, the subcommittee is concerned with: (1) the role of lending institutions in providing financing for the conversion of rental housing to condominium and cooperative ownership; (2) the nature and extent of credit in the New York City area relative to amounts derived from New York City deposits and (3) the impact of high interest rates on cost and the availability of credit. Your oral testimony will be requested for presentation at the hearing. You will be informed of the exact date, time and place very shortly. In the interim, responses to the following should be furnished to the subcommittee no later than October 6, 1981, and should be incorporated into your written testimony for delivery at the hearing: 1. Set forth your general lending policy regarding financing the conversion of a. Do you consider the impact on inflation or increased housing costs b. C. Do you consider the displacement of the elderly and others unable to Do you consider the impact on the shrinking availability of rental (147) 2. 3. d. Section 603 of the Housing and Community Development Act of 1980 states as follows: (i) "Lending by federally insured lending insti- Has the Comptroller of the Currency or the Federal Reserve taken any actions to make your institution aware of or responsive to this policy? If so, specifically how? (ii) Has your bank discouraged in any way any conversions where adverse impacts on low- and moderate-income tenants could have resulted? If so, how? If not, tell the subcommittee specifically how your bank has complied with Section 603. (iii) In a statement to the subcommittee on the federal banking agencies' implementation of Section 603, the General Accounting Office reports that: For each of the past three years, supply the total dollar amount in new commitments which you made to finance the purchase of rental properties for conversion. a. State the dollar amount and number for such conversions located in New York City, by borough. b. State the dollar amount, number and general location of such conversions located elsewhere. Supply the total dollar amounts and number of home mortgages originated by your bank for each of the past three years. a. b. State the total dollar amount and the number of such home mortgages for properties located in the City of New York, by borough. State the total dollar amount and the number of such home mortgages for properties located in the balance of the standard metropolitan statistical area (SMSA) in which your bank operates. 4. 5. C. d. How much (in dollars and percent of the whole) of your consumer mortgage portfolio is invested in each of the five boroughs of New York? How much is invested in the balance of your SMSA? (This information is required by the Federal Home Mortgage Disclosure Act, which requires lenders to disclose each year where they make mortgage and home improvement loans, compiled by census tract.) State the dollar amount and number of such home mortgages which are for condo or coop apartments. For each of the past three years, supply the total dollar amount and the number of (i) all other consumer credit loans (to which the Truth in Lending Act, the Fair Credit Reporting Act and the Fair Credit Billing Act apply) and (ii) all business loans made by your bank. a. b. Supply a breakdown of these loans by type of loan, location of borrower as between New York City and elsewhere (please specify general location within and outside the U.S.), and type of borrower (i.e., private individual, small business, corporation, governmental entity, etc.). State the dollar amount and number of these loans made (i) at the prime rate prevailing at the time the loan was made; and (ii) above the prevailing prime rate. Supply the average dollar amount of total deposits in all the branches of your bank located within the City of New York for each of the past three years. If you have any questions, please contact Theodore J. Jacobs, subcommittee chief counsel, at 202/225-4407. |