New York state enacted a new law that subjects nonbank mortgage providers to regulators’ review of their lending and investment in communities with lower levels of financial opportunity.
The bill (S. 5246/A. 2647), signed by New York Gov. Kathy Hochul (D) on Monday, extends the state’s Community Reinvestment Act to cover nonbank mortgage lenders.
The broadened anti-redlining law—which previously only measured banks’ activities in low- to moderate-income communities—is the latest development in states’ efforts to curb discrimination in lending. Illinois recently enacted a similar measure to the one Hochul signed.
“This legislation will ensure everyone has fair and ...
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