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New Yorkers for Responsible Lending

NYRL News Archive            


December 22, 2010:
NYRL Steering Committee submits comments calling on Federal Reserve Board to withdraw proposed rule that would weaken borrowers' remedies against lenders that violate federal Truth in Lending Act.

November 19, 2010:
NYRL holds Annual Statewide Membership Meeting in Albany. More than 50 NYRL members participated in a lively day-long strategy session, sharing information and charting out the coalition's campaign priorities for the coming year.

   Mortgage Working Group during breakout session               Several NYRL members discussing issues in their communities.

April 15, 2010:

NYRL unveils coalition's policy reform priorities for 2010, at press event in Albany.  Click here for press release. Read the media coverage from Legislative Gazette.

November 12, 2009:

NYRL holds Annual Statewide Membership Meeting, attended by more than 50 coalition members.  NYRL members identified abusive debt collection and mortgage servicing/foreclosure prevention as the coalition's priority issues for the coming year.

July 28, 2009:

NYRL issues press release commending the NYS Attorney General for filing suit against 37 debt collectors engaged in abusive debt collection practices.  Coalition says AG's action underscores need for strong state legislation to curb abusive debt collection practices.

May 14, 2009:

NYRL calls on the NYS legislature to pass legislation to protect New Yorkers from abusive debt collection practices.  See the media coverage from FOX 5 TV.

February 18, 2009:

NYRL Steering Committee calls for immediate temporary moratorium on all foreclosure filings and actions in NYS.   Click here for press statement.

December 2, 2008:

Newsday editorial, "Cushion for debtors: Some protection for living expenses," lauds NYRL's role in passage of the Exempt Income Protection Act.

November 14, 2008:

NYRL holds Annual Statewide Membership Meeting, attended by more than 45 coalition members.  The photos below show NYRL members exchanging information and experiences from around NYS, making topical presentations on emerging financial justice issues, and discussing coalition strategy in lively break-out sessions. 

Click here to view more pictures

September 26, 2008:

The Exempt Income Protection Act (A.8527A/S.6203B) is signed into law by Governor Paterson! See NYRL's press statement for more information.

August 5, 2008:

NYS Gov. Paterson signs responsible lending and foreclosure prevention bill into law!

NYRL members with Gov. Paterson outside Queens Borough Hall, on August 5, 2008,

after signing of foreclosure prevention and responsible lending bill.

June 24, 2008:

The Exempt Income Protection Act (A.8527A/S.6203B) passes the Senate! See NYRL's press statement for more information.

June 23, 2008:

Governor Paterson and leadership from the NYS Senate and Assembly negotiate a responsible lending and foreclosure prevention bill, using the Governor's Program Bill #44 (A.10817/S.8143) as the framework for the new legislation. 

June 19, 2008:

Outreach from NYRL members resulted in editorials and op-eds regarding pending foreclosure prevention and responsible lending legislation in Newsday, Buffalo News, Albany Times Union, and Schenectady Daily Gazette.

June 5, 2008:

New York Daily News piece, "Wanted: State's Mr Fixit," calls on the governor and legislature to pass foreclosure prevention and reposponsible lending legislation before the end of the session, and cites NYRL's advocacy efforts.

May 22, 2008:

NYRL holds a press event in Albany and co-sponsors a legislative briefing on the subprime lending and foreclosure crises in New York State.  See the press release for more information, and media coverage from Channel 13 News and Rochester Democrat and Chronicle.

Sarah Ludwig speaks at a NYRL Albany press conference

May 14, 2008:

New York Daily News article highlights the problem of frozen bank accounts containing exempt income, and promotes the Exempt Income Protection Act, mentioning NYRL's advocacy efforts to legislatively resolve this issue.

May 12, 2008:

NYRL issues press statement and testifies at a Senate Banks Committee hearing regarding Governor Paterson's responsible lending legislation, which has been introduced by Assembly Member Towns and Senator Farley (A.10817/S.8143).  See press coverage from the Rochester Democrat and Chronicle, Fox News Channel 23, and Capital News Channel 9.

May 7, 2008:

The Responsible Lending Act (A.8972/S.6759), sponsored by Assembly Member Towns, passes in the NYS Assembly!  It is now being considered by the Banks Committee in the NYS Senate, under the sponsorship of Senator Robach.  The Exempt Income Protection Act (A.8527/S.6203) gains new co-sponsors in the Senate: Senators LaValle, Robach and Trunzo.

April 8, 2008:

NYRL submits comments to the Federal Reserve Board of Governors regarding proposed amendments to Regulation Z, which implements the Truth in Lending Act (TILA) and the Home Ownership and Equity Protection Act (HOEPA) regulations.

March 4, 2008:

NYRL members participate in a press conference called by Governor Eliot Spitzer, to announce his responsible lending legislation.  Read the Governor's press release, which quotes NYRL Steering Committee member Sarah Ludwig.

March 3, 2008:

New York State Assembly unanimously passes the Exempt Income Protection Act, which was introduced by Helene Weinstein (D-Brooklyn), the chair of the Judiciary Committee. The companion bill in the Senate (S.6203), introduced by Senator Volker and co-sponsored by Senator Maltese, has now been referred to the Senate Codes Committee for review.

January 17, 2008:

State Senator Joseph Robach introduces a companion bill (S.6759) to the Assembly's Responsible Lending Act (A.8972), introduced by Assembly Member Darryl Towns.  The Towns bill was based on the NYRL Responsible Lending Act model bill.

January 10, 2008:

New York Daily News op-ed piece titled "Gov's plan is one to bet on" cites NYRL.

January 9, 2008:

NYRL's Steering Committee issues a press statement on Gov. Spitzer's State of the State address, regarding subprime lending and foreclosures crises.

January 4, 2008:

NYRL releases a press statement, in response to an announcement by Assembly Speaker Sheldon Silver, Assembly Banking Chair Darryl Towns, and Assembly Housing Chair Vito Lopez of a proposed set of initiatives aimed at addressing the subprime lending crisis. See the Assembly press release more information about the proposals.

November 8, 2007:

Responding to the deepening foreclosure crisis and NYRL calls for action, Governor Spitzer holds a press conference announcing new foreclosure prevention initiatives.  NYRL members were invited to attend and speak.  For media coverage of the even, see the press release from the Governor's office, which quotes Sarah Ludwig on behalf of NYRL, as well as the NEDAP Press Room.

November 1, 2007:

NYRL holds a press conference in Albany calling on Governor Spitzer to stem the foreclosure crisis through allocation of funding from the Executive Budget to a loan remediation fund as well as for increased counseling and legal services.  For more information, see the press release and media coverage from: CBS Channel 6 News, Albany Times Union, Rochester Democrat and Chronicle, Fox 23 News, Ithaca Journal, Capital News Channel 9 (Time Warner), Schenectady Gazette, and ABC Channel 10 News.

October 18, 2007:

New York Daily News op-ed piece titled "Albany should get to work on the mortgage meltdown - now" cites NYRL's efforts to curb mortgage lending abuses through its model 2007 Responsible Lending Act legislation.

September 27, 2007:

NYRL holds its annual statewide all-member meeting in Albany, NY! Over 35 representatives from 22 organizations participated. NYRL members can sign-in to the members-only site to access notes, materials, and photos from the meeting.

September 14, 2007:

NYRL members submit comment letter to NYS Banking Department, supporting existing check casher regulations and the continued prohibition on payday lending in New York State.

August 15, 2007:

Governor Spitzer signs into law an amendment to the 2002 NYS anti-predatory lending law, increasing the loan size covered by the law from its current cap of $300,000 to the Fannie Mae conforming loan size limit. While the amount is not as high as NYRL members had originally hoped, the amendment (A.8794A / S.5618A) is a step in the right direction and significantly expands Banking Law 6-l's coverage.  Congrats to all the NYRL member organizations whose advocacy and organzing work contributed to this success!

July 3, 2007:

Governor Spitzer signs into law a bill creating a New York State CDFI Fund! With many CDFI's (Community Development Financial Institutions) as members of the coalition, NYRL submitted a memo in support of the fund in February. See the website of NYRL member organization NY CDFI Coalition for more information.

July 2007:

Through the spring and early summer, NYRL members engaged in amazing advocacy work, including drafting several pieces of model legislation that were introduced as bills into the NYS Legislature.  Here is a brief update on the status of the bills:

1. 2007 Responsible Lending Act:  NYS Assembly bill A.8972 includes an ability to repay standard and broker duty, and addresses specific abuses in the subprime and nontraditional mortgage lending markets.  Assembly Member Towns, chair of the Assembly Banks Committee, sponsored the bill; the bill had no Senate sponsor.  A.8972 was voted for unanimously by the Assembly Banks Committee, then made its way to the Codes Committee, where it remained until the close of the legislative session.  NYRL will spend the upcoming months educating state senators about the need for strong state anti-predatory lending legislation.

2. Amending Banking Law 6-l:  The Assembly and Senate passed an important amendment to the 2002 NYS anti-predatory lending law.  The bill (A.8794A / S.5618A) increases the loan size covered by the law from its current limit of $300,000 to the Fannie Mae conforming loan size limit.  While the amount is not as high as NYRL members had originally hoped, the amendment is a step in the right direction and significantly expands Banking Law 6-l's coverage.  The bill was sponsored by Senator Farley and Assembly Member Towns and is now awaiting the governor's signature! 

3. Exempt Income Protection Act:
  The bill (A.8527 / S.6203) protects bank accounts containing income that is exempt from debt collection -- such as SSI, child support, and pensions -- from being frozen by debt collectors. The bill was sponsored by Assembly Member Weinstein and Senator Volker.  On the last day of the legislative session, the Assembly unanimously passed the bill!  However, it was not voted on in the Senate.

June 7, 2007:

The 2007 Responsible Lending Act, based on NYRL's model bill, is introduced in the NYS Legislature! Assembly Member Darryl Towns, the Chair of the Banking Committee, is the bill sponsor. See the full text of the bill (A.8972) here or view a pdf of the model bill summary.


May 2007:

The Exempt Income Protection Act (A.8527, Weinstein / S.6203, Volker) is introduced in both the Assembly and the Senate!  This bill would protect bank accounts with "exempt income" - such as social security, disability benefits, pensions, and child support - from being frozen by debt collectors.  The bill would close a loophole in New York's debt collection law which allows this harmful practice. Click here for the bill text, or see the model bill summary (pdf).

May 23, 2007:

NYRL unveiled new legislation today in Albany to end abusive subprime lending and foreclosures. The coalition, comprised of 131 civic and community groups from across New York State, called on state legislators and the governor to pass the bill this legislative session before any more New Yorkers lose their homes. Click on the following links for pdfs of the press release and press coverage. The event was covered in the Legislative Gazette, New York Daily News, The Times-Union, Business Review, American Banker, and WXXI Radio.

March 1, 2007:

NYRL Unveils 2007 Platform. This year, in addition to continuing its campaign against mortgage lending and real estate abuses, NYRL has identified abusive debt collection practices, tax refund anticipation loans, and fair access to property and casualty insurance as among its priority issues. See photos from the Albany press event here (pdf) and press coverage here (pdf).

January 13, 2007:

El Diario editorial (pdf) cites NYRL, calling on the state legislature to immediately move to protect New Yorkers from "interest abuse" by tax refund anticipation lenders.

November 20, 2006:

NYRL Statewide Meeting

NYRL convened its annual meeting in Albany on November 20, 2006. 32 representatives from 21 member organizations participated. 

nyrl 2006 statewide meeting


October 5, 2006:

NYRL testifies at public hearing on financial services for low-income consumers in New York.  The hearing was sponsored by the NYS Assembly's Standing Committees on Consumer Affairs & Protection and Banks.  CLICK HERE for NYRL's testimony.  The National Federation of Community Development Credit Unions posted this article, mentioning NYRL.

July 26, 2006:

The NYS Home Equity Theft Prevention Act is signed into law!  The new law addresses the growing problem of foreclosure rescue scams, also known as "deed theft."  The law:

  • Requires written disclosure to homeowners regarding the terms of a title transfer that occurs when a home is in foreclosure;
  • Provides the right to cancel the deal for five days after signing the contract;
  • Prohibits making false statements with intent to defraud the homeowner;
  • Provides for a consumer education notice to be sent to all homeowners in foreclosure warning them about such scams; and
  • Establishes civil and criminal penalties for violating the law. 

NYRL members identified "deed theft" as the coalition's priority issue in 2004, and worked hard over the past two years to educate communities and policy-makers about the need for a strong state law to curb "foreclosure rescue" scams in NYS.


The Home Equity Theft Prevention Act amends Banking Law s.595-a and adds new provisions to the Real Property Law, s.265-a, and Real Property Actions & Proceedings Law, s.1303.  CLICK HERE for a copy of the new law.

June 24, 2006:

NYS Senate and Assembly Both Unanimously Passed the "Home Equity Theft Prevention Act;"  Gov. Pataki expected to sign bill soon. CLICK HERE for NYRL Press Release, dated June 26, 2006, on NYS legislature's passage of the bill.

May 23, 2006:

NYS Assembly Passes Deed Theft Bill; NYRL Calls on NYS Senate to Follow Suit

NEWS RELEASE: "New Yorkers for Responsible Lending, a state coalition of 121 groups, praised the NYS Assembly for unanimously passing the Home Equity Theft Prevention Act (A. 10057) yesterday, toprotect vulnerable homeowners from 'foreclosure rescue' scams.  The bill, introduced in resnse to the alarming rise in home equity theft across New York State, is now before the NYS Senate.  The coalition also called on the Senate to pass the bill without delay."  [You can read the entire press release here (PDF) and NYRL's Position Statement on deed theft here (MSWord).]

February 23, 2006:

Rep. Ruben Diaz, Jr writes NYS Attorney General and Tax Refund Loan Execs

NYS Assembly Member Ruben Diaz, Jr. submitted a letter to NYS Attorney General requesting a "review by the Department of Law of whether these RALs are being deceptively marketed or are otherwise sold in violation of other state and Federal laws."  Representative Diaz, from the 85th Assembly District in the Bronx, also wrote to the Chief Executive Officers of H&R Block and Jackson Hewitt to express, "outrage at the reports that [these tax prepation firms] continue to reap enormous profits by facilitating refund anticipation loans to the working poor." He continued by describing these firms as "financial vampires" and stating that the RALs industry has, "far exceeded the standard of reasonableness and that major changes are necssary."   Click here to read these letters in full.

January 29, 2006:

Newsday Article Cites NYRL Testimony

An article entitled "That Costly BITE" about the New York State Banking Department's proposal to allow state-chartered banks to offer high-cost overdraft bounce protection cited NYRL testimony offered at a November public hearing.


November 29, 2005:

American Banker Article Cites NYRL

Pulling from the comment letter submitted to the NYS Banking Department on November 21, 2005, American Banker cited NYRL in its article, "N.Y. Overdraft Plan Could Have a Nationwide Effect." 

November 21, 2005:

NYRL Groups Comment on Overdraft "Bounce Protection" Proposal

NYRL members submitted a comment letter to the New York State Banking Department regarding its proposed changes to strip away valuable existing consumer protections, and enable state-chartered financial institutions to impose substantially higher charges in their overdraft "bounce protection" programs. 

Prominent groups from across the country have also submitted comment letters to the New York State Banking Department regarding this important proposal, including the California Reinvestment Coalition (comment; website) and the Center for Responsible Lending (comment; website).

November 3, 2005:

NYRL Statewide Meeting

On November 3, 2005, New Yorkers for Responsible Lending held its third state-wide meeting in Albany. Groups from across the state came to share what has been happening in their local communities, as well as to strategize about NYRL's upcoming work.

NYRL Members in Albany, November 2005

Many of the NYRL members who participated in the November 2005 Statewide Meeting.


March 15, 2005:

NYRL Holds Press Conference on Tax Refund Anticipation Loans

NYRL members held a press conference in Albany on March 15, 2005, calling for state legislation to curb abusive tax refund anticipation loans. Representatives of NEDAP,AARP, Children's Defense Fund and the NY Community Development Financial Institutions Coalition all spoke at the event, drawing attention to these loans that target low-income communities and siphon $148 million annually from New Yorkers' tax refunds.

The event garnered extensive press coverage, from outlets including the Albany Business Journal and the Buffalo News.

NYRL was joined at the event by Assembly Banks Chair Cathy Nolan, who described the bill she has introduced, A.1971. The bill would require tax preparers to register with the NYS Department of Banking; comply with the state's 25% usury cap; disclose tax refund loan fees and terms to borrowers; and create a fiduciary duty on the part of tax-preparers to their taxpayer clients.

Momentum is growing across the state to put an end to these exploitative loans and make sure that all New Yorkers can get their full tax refunds and credits quickly and affordably. If groups want more information on the issue or to get involved, please contact NYRL .

October 14, 2004:

NYRL Statewide Meeting

New Yorkers for Responsible Lending held its second statewide meeting in Albany on October 14, 2004.

nyrl 2004 statewide meeting

NYRL members, representing groups from around NY, at October 2004 state-wide meeting.

April 1, 2003

Anti-Predatory Lending Law Takes Effect

Major anti-predatory lending legislation signed into law in October 2002 took effect on April 1 2003. New Yorkers for Responsible Lending (NYRL), a state-wide coalition of more than 100 groups, effectively championed the need for a strong state law to curb abusive and deceptive mortgage lending practices and provide foreclosure defenses to borrowers in New York State.   For information on NYS Banking Law 6-l, governing high-cost home loans, click on the following:

New Yorkers for Responsible Lending
c/o NEDAP, 176 Grand Street, Suite 300, New York, NY 10013
Tel: (212) 680-5100 / Fax: (212) 680-5104
Email NYRL

NEDAP | 176 Grand Street, Suite 300 | New York, NY | 10013 | Telephone: (212) 680-5100 | Fax: (212) 680-5104