General World News

New York expands CRA rule to nonbank lenders

HW+ New York

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.

Gov. Kathy Hochul approved the bill – S.5246-A/A.6247-A – 10 days after being delivered by the New York State Senate. According to the bill, the act shall take effect one year after it becomes a law.

“This legislation will ensure everyone has fair and equal access to lending options in their pursuit of purchasing a details ⇒

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