NYSDFS PROPOSED RULE COULD DAMAGE NEW YORK’S HOUSING MARKET

On November 20, 2017, the New York Mortgage Bankers Association and the Mortgage Bankers Association (MBA) submitted joint comments to the New York State Department of Financial Services regarding a Department’s proposed rule, giving them broad enforcement authority over credit reporting agencies. The rule gives the Department the ability to refuse to renew, suspend or revoke the registration of a credit reporting agency, including any of the three nationwide credit reporting agencies. Should the Department take one of these actions against a nationwide CRA, borrowers in New York State would…

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