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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 home,” Hochul said in a statement.
She emphasized that the rule benefits “especially communities of color which continue to be impacted by the effects of the pandemic and have historically faced many more hurdles when seeking a mortgage.”
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The post New York expands CRA rule to nonbank lenders appeared first on HousingWire.
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