New York Poised to Expand CRA to Nonbank Lenders

HousingWire, Oct. 25, 2021–Flavia Furlan Nunes
The bill has received strong opposition from much of the mortgage industry, which these days is dominated by nonbanks. The main criticism is that, as non-depository lenders cannot accept deposits, by definition they do not fail to “reinvest” in communities, according to the Mortgage Bankers Association, which earlier this year asked then-Gov. Andrew Cuomo (D) to veto the bill.