5 edition of Effective implementation of the Community Reinvestment Act found in the catalog.
by For sale by the U.S. G.P.O., Supt. of Docs., Congressional Sales Office
Written in English
|The Physical Object|
|Number of Pages||74|
The Community Reinvestment Act of Its Legisla-tive History and Its Impact on Applica-tions For Changes In Structure Made by Depository Insti-Effective January 1, , the federal financial supervisory agencies (agencies) implemented their new Community Rein-vestment Act (CRA) regulation.1 Initially, examiners will use the revised regulation. Therefore, this hearing will examine the OCC’s work on the Community Reinvestment Act, as well as other supervisory and regulatory developments. Community Reinvestment Act Proposed Rulemaking. Since Comptroller Otting was sworn in on Novem the OCC has advocated for, reforming the Community Reinvestment Act (CRA). 2.
Downloadable! This paper takes a historical approach to understand the evolution of one of the most controversial banking regulations in recent history, the Community Reinvestment Act (CRA) of and its effects on access to credit and banking services to community borrowers. The paper lays out the historical milieu of credit markets in the late seventies and describes the early. better ratings); see also Effective Implementation of the Community Reinvestment Act: Hearing Before the Subcomm. on General Oversigh4 Investigations, and the Resolution of Failed Financial Institutions of the House Comm. on Banking Finance and Urban Affairs, d Cong., lst Sess. () (statement of Chairman Flake) (summarizinghow the.
The Office of the Comptroller of the Currency (OCC) today announced final rules to update the agency’s regulations under the Community Reinvestment Act (CRA). NAHB submitted comments on the proposed rule issued by the Federal Deposit Insurance Corp. (FDIC) and OCC in April and we are currently examining the page regulation to determine its impact on the housing community. The Community Reinvestment Act (CRA, Pub.L. , title VIII of the Housing and Community Development Act of , 91 Stat. , 12 U.S.C. § et seq.) is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods.
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Improving Implementation of the Community Reinvestment Act 1. In general a. We affirm the importance of CRA and banks’ obligation to serve low- or moderate-income (LMI) people and communities.
More clear, consistent, simple, and timely policy guidance is needed so CRA can serve. The Effectiveness of the Community Reinvestment Act Congressional Research Service 2 One type of redlining can be defined as the refusal of a bank to make credit available to all of the neighborhoods in its immediate locality, including LMI neighborhoods where the bank may have.
Community Reinvestment Act. The Community Reinvestment Act (CRA) was enacted in to prevent redlining. and to encourage banks and savings associations (collectively, banks) to help meet the credit needs of all segments of their communities, including low- and moderate-income neighborhoods and individuals.
The CRA extended and clarified the. Revisiting the CRA: Perspectives on the Future of the Community Reinvestment Act 84 M ore than 30 years ago, before passage of the Community Reinvestment Act (CRA), relatively few banks made meaningful numbers of loans to people with low and moderate incomes.
Whether because of racial discrimi-nation or fear of credit weaknesses, many banks “red-File Size: KB. Effective implementation of the Community Reinvestment Act: hearing before the Subcommittee on General Oversight, Investigations, and the Resolution of Failed Financial Institutions of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, One Hundred Third Congress, first session, J United States.
Congress. You invited comments on a number of important issues that, if addressed well, could help to make the Community Reinvestment Act a more effective tool to help meet the credit, community development, and banking service needs of our communities, including low-and moderate-income neighborhoods, consistent with safe and sound operation of the financial institutions that provide credit to these communities.
The community may submit comments on the draft plan for up to 30 days during the process. Approval Process Strategic plans must be approved by the bank's regulator in advance and must provide measurable performance goals sufficient for a satisfactory rating.
The Community Reinvestment Act of (CRA) is implemented by regulations of the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the agencies) in 12 CFR pa, and Community Affairs supports the OCC's mission to ensure a vibrant banking system by helping national banks and federal savings associations to be leaders in providing safe and sound community development financing and making financial services accessible to underserved communities and consumers, while treating their customers fairly.
Here's How The Community Reinvestment Act Led To The Housing Bubble's Lax Lending. John Carney. TZ The letter F. An envelope. It indicates the ability to send an email.
Inthe Community Reinvestment Act (CRA) turned This Dallas Fed publication examines the impact, successes and challenges of the CRA in Texas. It analyzed the performance evaluations of a sample of Texas banks to assess the CRA's monetary benefit and polled bankers to understand their perceptions of how the act is contributing to low.
Chairman Frank, Ranking Member Bachus, and members of the Committee, I want to thank you for this opportunity to discuss the Community Reinvestment Act (CRA).
Enacted inthe CRA states that federally insured banks and thrifts have an obligation to help meet the credit needs of the communities in which they are chartered, including low- and moderate-income neighborhoods, consistent with safe.
Home > Regulation & Examinations > Community Reinvestment Act (CRA) Community Reinvestment Act (CRA) CRA requires the FDIC to assess an institution's record of helping to meet the credit needs of the local communities in which the institution is chartered.
Effective implementation of the Community Reinvestment Act: hearing before the Subcommittee on General Oversight, Investigations, and the Resolution of Failed Financial Institutions of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, One Hundred Third Congress, first session, J Services U.S.
House of Representatives Hearing On The Community Reinvestment Act: Thirty Years of Accomplishments, But Challenges Remain.ʹʺ Febru 3Traiger & Hinckley LLP, The Community Reinvestment Act: A Welcome Anomaly in the Foreclosure Crisis. January 7, The Electronic Signatures in Global and National Commerce Act (E-Sign Act) 01/ X Prohibition Against Use of Interstate Branches Primarily for Deposit Production: 09/ X Bank Subsidiaries and Affiliates: 01/ X Disclosure Requirements for Sweep Accounts: 12/ XI: Community Reinvestment Act: XI Community.
Over the past forty-one years, the Community Reinvestment Act (CRA) has played a central role in encouraging financial institutions to provide adequate investment, credit and services to low- and moderate-income (LMI) and distressed communities.
Increasingly this work has moved beyond affordable housing to include health. The Act also mandated two studies to be conducted in connection with the "Community Reinvestment Act": the first report by the Federal Reserve, to be delivered to Congress by Mais a comprehensive study of CRA to focus on default and delinquency rates, and the profitability of loans made in connection with CRA.
1 The two other responsible federal agencies are the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation. 2 Refer to "Community Reinvestment Act; Interagency Questions and Answers Regarding Community Reinvestment; Guidance," 81 Fed. Reg.J 3 The interagency examination procedures explain differences between areas that are.
CRA Regulations. The links to the CRA regulations are either documents to be downloaded or to sites that contain the regulation or links to the regulatory agencies. Effective Jthe Office of Thrift Supervision (OTS) has merged with the OCC. See the OCC website for more information.
Maintained by the FFIEC. For suggestions. Every so often, an effort is made to collect articles by leading practitioners, community organizations, and academics about the effectiveness of the Community Reinvestment Act (CRA).
The last was inwhen the San Francisco and Boston Federal Reserve Banks published a volume about perspectives on the future of the Community Reinvestment Act. The Community Reinvestment Act (CRA) is a federal law enacted in to encourage depository institutions to meet the credit needs of low- and moderate-income neighborhoods.It is a pleasure to have an opportunity to discuss how we can preserve what is working well with the Community Reinvestment Act (CRA) and make it better.
1 In recent months, we have seen a high level of engagement from banks and community organizations in discussions and comments about revising the CRA regulations, which serves as testament to the value of the CRA and provides valuable.