Bloomberg Law
Free Newsletter Sign Up
Bloomberg Law
Welcome
Go
Free Newsletter Sign Up

New York Expands Anti-Redlining Law to Include Nonbank Lenders

Nov. 1, 2021, 5:27 PM

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 ...

To read the full article log in.

Learn more about a Bloomberg Law subscription.