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.

The CRA rule, enacted in 1977, mandates that banks help meet the credit needs of communities in which they take deposits, specifically in low- and moderate-income neighborhoods. Some states, however, are adopting the same rule for non-depository lenders.

The New York State Senate delivered Bill A.06247-A/S.5246-A on Friday to Gov. Kathy Hochul, who has ten days to approve or reject. According to a source, the expectation from details ⇒

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