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New York poised to expand CRA rule to nonbank lenders

Housing Wire

New York State is close to approving a controversial bill that expands the requirements of the state community reinvestment act (CRA) to non-depository lenders, following the lead of Massachusetts and Illinois. Some states, however, are adopting the same rule for non-depository lenders.

Law 413
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New York expands CRA rule to nonbank lenders

Housing Wire

New York State on Monday approved the extension of the state Community Reinvestment Act ( CRA ) to non-depository lenders, a controversial rule that has received criticism as “unnecessary” and “discouraging” from the mortgage industry. Kathy Hochul approved the bill – S.5246-A/A.6247-A

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