MBA Joint Letter Opposing Sponsors of CRA Legislation
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The undersigned organizations oppose companion bills S4694/A5957 as they are currently crafted as they do not address vexing issues. The current initiative, while well intentioned, would place new depository style CRA obligations on covered non-depository financial institutions which are already licensed, regulated, and examined by the New Jersey Department of Banking and Insurance (DOBI) and subject to all state and federal fair housing laws and regulations.
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