Download or read book The Community Reinvestment Act written by Roland E. Brandel and published by . This book was released on 1989 with total page 670 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Report on the Status of the Community Reinvestment Act written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 1992 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Credit to the Community written by Dan Immergluck and published by Routledge. This book was released on 2016-07-08 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides the most comprehensive examination of community reinvestment and fair lending problems and policies currently available. It outlines the history of lending discrimination and redlining in U.S. mortgage and small business lending markets, and documents the persistence of such problems today. The author explains the role that government has played in developing banking and credit markets in the United States, from the creation of Alexander Hamilton's First Bank of the United States to the ongoing support government provides through the subsidization of secondary markets and through maintenance of critical regulatory infrastructure. Immergluck takes issue with those calling for deregulation of financial services - especially in the arena of fair lending and consumer protection - and gives new voice to rationales for social contract policies such as the Community Reinvestment Act. He provides new long-term analysis of the failure of federal bank regulators to enforce the CRA, and also shows how increased community activism and media attention have led to sporadic periods of stronger CRA enforcement. Finally, he recommends a number of policy changes that are needed to modernize the nation's fair lending and community reinvestment laws and make them more relevant for the 21st century.
Download or read book Community Reinvestment Act written by United States. General Accounting Office and published by . This book was released on 1995 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Community Reinvestment Act written by United States. Congress. House. Committee on Financial Services and published by . This book was released on 2008 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Riegle Community Development and Regulatory Improvement Act of 1994 written by United States and published by . This book was released on 1994 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Investing in what Works for America s Communities written by and published by . This book was released on 2012 with total page 419 pages. Available in PDF, EPUB and Kindle. Book excerpt: "'Investing in What Works for America's Communities' is a new book that calls on leaders from the public, private, and nonprofit sectors to build on what we know is working to move the needle on poverty. The book's impressive list of authors represents a broad range of sectors including federal agencies, philanthropy, housing academia, health, and the private sector. This collection of essays provides dozens of innovative ideas that can bring new opportunities to America's struggling communities. It calls on leaders, from the public, private, and nonprofit sectors to recognize that they can work smarter and achieve more by working together."--Book website.
Download or read book The Community Reinvestment Act written by Raymond H. Brescia and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since its passage in 1977, the Community Reinvestment Act (CRA) has charged federal bank regulators with "encourag[ing]" certain financial institutions "to help meet the credit needs of the local communities in which they are chartered consistent with...safe and sound” banking practices. Even before the CRA became law -- and ever since -- it has become a flashpoint. Depending on your perspective, this simple and somewhat soft directive has led some to charge that it imposes unfair burdens on financial institutions and helped to fuel the subprime mortgage crisis of 2007 and the financial crisis that followed. According to this argument, the CRA forced banks to make risky loans to less-than creditworthy borrowers. Others defend the CRA, arguing that it had little to do with the riskiest subprime lending at the heart of the crisis.Research into the relationship between the mortgage crisis and the CRA generally vindicates those in the camp that believe the CRA had little to do with the risky lending that fueled these crises. At the same time, a recent study by researchers affiliated with the National Bureau of Economic Research attempts to show that the CRA led to riskier lending, particularly in the period 2004-2006, when the mortgage market was particularly overheated.This paper reviews this and other existing research on the subject of the impact of the CRA on subprime lending to assess the role the CRA played in the mortgage crisis of 2007 and the financial crisis that followed. This paper also takes the analysis a step further, asking what role the CRA played in failing to prevent these crises, particularly their impact on low- and moderate-income communities: i.e., the very communities the law was designed to protect. Based on a review of the best existing evidence, the initial verdict of not guilty -- that the CRA did not cause the financial crisis, as some argue -- still holds up on appeal. At the same time, as more fully described in this piece, an appreciation for the weaknesses inherent in the law's structure, when combined with an understanding of the manner in which it was enforced by regulators, lead one to a different conclusion; although the CRA did not cause the crisis, it failed to prevent the very harms it was designed to prevent from befalling the very communities it is supposed to protect.The defects in the CRA that emerge from this review, in total, suggest not that the CRA was too strong, but, rather, too weak. They also point to important reforms that should be put in place to strengthen and fine-tune the CRA to ensure that it can meet its important goal: ensuring that financial institutions meet the needs of low- and moderate-income communities, communities for which access to capital and banking services on fair terms is a necessary condition for economic development, let alone economic survival. Such reforms could include expanding the scope of the CRA to cover more financial institutions, creating a private right of action that would grant private and public litigants an opportunity to enforce the law through the courts, and having regulators enforce the CRA in such a way that would put more pressure on banks to modify more underwater mortgages.
Download or read book Community Reinvestment ACT written by United States Accounting Office (GAO) and published by Createspace Independent Publishing Platform. This book was released on 2018-02-17 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: GGD-96-23 Community Reinvestment Act: Challenges Remain to Successfully Implement CRA
Download or read book The Effectiveness of the Community Reinvestment Act written by Congressional Research Service and published by CreateSpace. This book was released on 2015-01-07 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Community Reinvestment Act (CRA; P.L. 95-128, 12 U.S.C. §§ 2901-2908) addresses how banking institutions meet credit needs in low- and moderate-income (LMI) neighborhoods. The federal banking regulatory agencies—the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC)—currently implement the CRA. The regulators conduct examinations to evaluate how banks are fulfilling the objectives of the CRA and issue performance ratings. Having a satisfactory or better CRA rating is desirable when banks request to merge with other banking institutions. The CRA, which was enacted in 1977, was subsequently revised in 1989 to require public disclosure of bank CRA ratings and for the CRA examination to have a four-tiered system of descriptive performance levels (i.e., Outstanding, Satisfactory, Needs to Improve, or Substantial Noncompliance). In 1995, the CRA examination was customized to account for differences in bank sizes and business models. In 2005, the bank size definitions were revised and indexed to the Consumer Price Index. The definition of community development was also modified to expand CRA opportunities for public welfare investments. In addition, the CRA has evolved to include consumer and business lending, community investments, and low-cost services that would benefit LMI areas and entities. Congressional concerns regarding the CRA stem from various perceptions of its effectiveness. Some contend that the CRA creates incentives for banks to make loans to unqualified borrowers likely to have repayment problems, which can translate into losses for lenders. Others are concerned that the CRA is not generating sufficient incentives to increase credit availability to qualified LMI borrowers, which may impede economic recovery for some following the 2007- 2009 recession. This report informs the congressional debate concerning the CRA's effectiveness in incentivizing bank lending and investment activity to LMI borrowers. After a discussion of the CRA's origins, it presents the CRA's examination process and bank activities that are eligible for consideration of CRA credits. Next, it discusses the difficulty of determining the CRA's influence on bank behavior. For example, it could be argued that, by encouraging lending in LMI neighborhoods, the CRA may also encourage the issuance of higher-risk loans. Regulators, however, generally do not award CRA credits for payday and most subprime (nontraditional mortgage) loans, even if these loans originated in LMI areas. This regulatory practice suggests the CRA has little or no influence on higher-risk lending. In addition, banks face a variety of financial incentives (e.g., capital requirements, the current interest rate environment, consumer credit demand, and consumer credit history) that influence how much (or how little) they lend to LMI borrowers. Because financial and CRA incentives concurrently exist, it is difficult to separate how much influence should be attributed solely to the CRA. Furthermore, compliance with CRA does not require adherence to lending quotas or benchmarks. In the absence of benchmarks, determining the extent to which CRA incentives have influenced LMI credit availability relative to other factors is not straightforward.
Download or read book Proposals to Enhance the Community Reinvestment Act written by United States. Congress. House. Committee on Financial Services and published by . This book was released on 2010 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Community Reinvestment Act written by Lawrence J. White and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Community Reinvestment Act (CRA) is fundamentally a regulatory effort to "lean on" banks and savings institutions, in vague and subjective ways to make loans and investments that (the CRA's proponents believe) those depository institutions would otherwise not make. It is a continued effort to preserve old structures in the face of a modernizing financial economy. At base, the CRA is an anachronistic and protectionist effort to force artificially a local focus for finance in an increasingly competitive, increasingly electronic, and ever-widening realm of financial services. Further, ironically, the burdens of the CRA may well discourage banks from setting up new locations in low-income neighborhoods and thus providing local residents with better-priced alternatives to high-cost check-cashing and payday lending establishments. There are better ways to achieve the goals of the CRA's advocates, and this paper discusses those superior routes.
Download or read book Effective Implementation of the Community Reinvestment Act written by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on General Oversight, Investigations, and the Resolution of Failed Financial Institutions and published by . This book was released on 1994 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Community Reinvestment Act written by United States. Congress. House. Committee on Banking and Financial Services. Subcommittee on Financial Institutions and Consumer Credit and published by . This book was released on 1995 with total page 874 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Community Reinvestment Act written by and published by . This book was released on 2008 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Community Reinvestment Act written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 1988 with total page 650 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Provisions Aimed at Strengthening the Community Reinvestment Act written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 1988 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt:
