Press Release:
Governor Kathy Hochul today signed legislation (S.5246-A/A.6247-A) to ensure equal access to credit by expanding the New York Community Reinvestment Act (CRA) to cover non-depository lenders.
When the CRA was enacted in 1978, banks originated the vast majority of mortgages. Since the 2008 financial crisis, non-depository lenders have dramatically increased their market share, and nonbanks are now responsible for a majority of mortgage originations in New York State and nationally.
"This expansion of the New York Community Reinvestment Act further strengthens this state's commitment to ensuring all New Yorkers have the opportunity for homeownership," Governor Hochul said. "This legislation will ensure everyone has fair and equal access to lending options in their pursuit of purchasing a home, especially in 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."
Acting Superintendent of Financial Services Adrienne A. Harris said, "The expansion of New York's CRA to cover non-depository lenders is a win for consumers who rely on these lenders to finance their homes. This law ensures borrowers have equal access to mortgage financing and provides a thoughtful framework for them to be part of the solution to achieve the American dream of homeownership. I thank Governor Hochul and the New York State Legislature for modernizing the New York CRA."
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