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What is the purpose of the community reinvestment act

· 03.01.2021

what is the purpose of the community reinvestment act

The Community Reinvestment Act (CRA), enacted in , requires the Federal Reserve and other federal banking regulators to encourage financial institutions to. Congress passed the Act in to reduce discriminatory credit practices against low-income neighborhoods, a practice known as redlining. Community. The CRA can be thought of as an effort to atone for the public and private sector sins of discrimination, segregation, and the perpetuation of. VIVO ENERGY IPO Creating batch configuration step. You can it can to view saving Query accounts and crispy feel. You will keyboard input move to.

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So the community affairs role shifted toward facilitating relationship building to address economic challenges in low- and moderate-income communities. In general, the evidence suggests the CRA has increased lending to LMI communities, although the magnitude is a matter of debate and it is difficult to disentangle the effects of the CRA from the effects of other regulatory and market changes. Some research has found that CRA-related lending is at least marginally profitable, although other research suggests the CRA has had little effect on bank profitability, either positive or negative Avery, Calem and Canner ; Bernanke Following the financial crisis of , some critics of the CRA argued it had contributed to the mortgage crisis by encouraging banks to make loans to riskier borrowers.

There is some evidence that CRA lending standards were relaxed in the mids; however, the bulk of defaulted mortgages during the foreclosure crisis were originated between and In addition, many of those loans were issued by mortgage lenders not subject to the CRA. Overall, the available evidence suggests the CRA was not responsible for the subprime crisis Haltom Today, some observers question if the CRA is still necessary.

Proponents of the CRA maintain that, while overt discrimination is not common, redlining now takes more subtle forms, such as limited marketing in LMI areas, new branch locations away from LMI areas, and service fee structures that favor higher income consumers. Opponents argue that technology and credit-scoring have significantly reduced the market frictions that existed at the time the CRA was passed.

Also, the CRA uses the location of actual bank buildings to determine assessment areas, but these areas might be less suitable as mobile banking makes it increasingly possible for bank customers to reside far from a branch location. The efficacy and necessity of the CRA will continue to be a matter of debate for community stakeholders, bankers, and policymakers.

Avery, Robert B. Calem, and Glenn B. March 20, Bernanke, Ben. Bhutta, Neil. Braunstein, Sandra. House of Representatives Committee on Financial Services. February 13, Essene, Ian Galloway, and John Olson, eds.

Dahl, Drew, Douglas D. Evanoff, and Michael F. Dennis, Warren L. Haltom, Renee. Hillier, Amy E. Greer, James, March Johnsen, Terri, and Forest Myers. But for advocacy groups that were in the complaint business, the Clinton administration regulations offered a formal invitation. Similar deals operate in almost every major U. In , the Bush Administration recommended what the NY Times called "the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

The changes were generally opposed along Party lines and eventually failed to happen as a result of Democrat efforts in opposition. Among banks and the regulatory agencies, there was a consensus that data collection, recordkeeping, and reporting requirements imposed a heavy burden on small community institutions.

Thus, all institutions remain subject to the CRA test. These substantive changes were intended to be a compromise between changes advocated by banks and community groups. However, the changes were not received positively by all community groups. Changes to tests conducted on the Intermediate Small category were viewed by some as decreasing the institutions' obligations to meet lending requirements of low- and moderate-income households. Subprime lending Critics claim that government policy encouraged the development of the subprime debacle through legislation like the CRA, which in effect forces banks to lend to the same otherwise uncreditworthy consumers they are now being criticized for accepting.

They estimate that the substantial number of riskier loans banks were forced to accept by CRA were not enough to be a problem. Community Reinvestment Act From Conservapedia. Jump to: navigation , search. DiLorenzo, LewRockwell.

The White House. First Union Corporation wachovia. The New York Times. Government Printing Office. The Real Scandal - How feds invited the mortgage mess. New York Post. The American Prospect.

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Directors' College Video Series - The Community Reinvestment Act what is the purpose of the community reinvestment act

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The changes were generally opposed along Party lines and eventually failed to happen as a result of Democrat efforts in opposition. Among banks and the regulatory agencies, there was a consensus that data collection, recordkeeping, and reporting requirements imposed a heavy burden on small community institutions.

Thus, all institutions remain subject to the CRA test. These substantive changes were intended to be a compromise between changes advocated by banks and community groups. However, the changes were not received positively by all community groups. Changes to tests conducted on the Intermediate Small category were viewed by some as decreasing the institutions' obligations to meet lending requirements of low- and moderate-income households.

Subprime lending Critics claim that government policy encouraged the development of the subprime debacle through legislation like the CRA, which in effect forces banks to lend to the same otherwise uncreditworthy consumers they are now being criticized for accepting.

They estimate that the substantial number of riskier loans banks were forced to accept by CRA were not enough to be a problem. Community Reinvestment Act From Conservapedia. Jump to: navigation , search. DiLorenzo, LewRockwell. The White House. First Union Corporation wachovia. The New York Times. Government Printing Office. The Real Scandal - How feds invited the mortgage mess. New York Post. The American Prospect.

Navigation menu Personal tools Create account Log in. Namespaces Article talk page. Views Read View source View history. Other Depression-era policies helped to entrench redlining. It also would not insure loans for older homes, which further discriminated against minority borrowers since racial deed covenants prohibited them from moving into newer neighborhoods.

Banks were reluctant to issue loans without FHA insurance, since eligibility for federal deposit insurance introduced with the creation of the Federal Deposit Insurance Corporation in required banks to engage in safe and sound lending practices. In , the Federal National Mortgage Association was created to purchase and securitize FHA-insured mortgages exclusively, creating a further incentive for banks to eschew mortgage lending in any area where FHA insurance was unavailable.

In , Congress passed the Equal Credit Opportunity Act ECOA, amended in which prohibited discrimination on the basis of race or color, religion, national origin, sex, marital status, or age, among other factors. In , Illinois became the first state to pass a law requiring banks to disclose their lending practices and prohibiting redlining, and several other states soon followed suit. The next year, Congress passed the Home Mortgage Disclosure Act, which required banks to disclose the location of the property financed and the race and gender of borrowers, among other provisions.

In addition to discrimination, others factors inhibiting lending in LMI neighborhoods included a shortage of data on appraisals and credit histories of LMI borrowers. Once documented, however, these data become available at low cost to later market entrants, which meant banks had little incentive to be the first into an LMI market Bernanke ; Haltom As Sen.

The proposed law was the subject of heated debate. Critics were concerned the law would create distortions in credit markets and result in credit allocation by the federal bank regulators. They also noted an already heavy regulatory burden, and felt the CRA would encourage riskier lending. To implement the Act, the regulatory agencies originally developed 12 assessment criteria to evaluate how banks ascertained and responded to the credit needs of their communities, and assigned banks a rating based on how they met these criteria.

Regulators took and still do take these ratings into account when deciding whether to approve mergers, acquisitions, or the opening of new branches. Changes have been made to the CRA in response to complaints from both activists and bankers. In , President Clinton directed regulators to review and revise the regulation to address concerns about the perceived costs of compliance and its emphasis on process over outcomes.

In response, some Reserve Banks set up functions, separate from the supervisory function, to provide guidance and advice to community groups. The Board issued a letter asking every Reserve Bank to set up a similar group, which each one did by Community Affairs, as it was then called, evolved during the following years, as community groups became more skilled at navigating the protest process on their own.

Concurrently, banks and community groups were increasingly seeking each other out: Banks were looking for community investment opportunities, and community groups were looking for funding. So the community affairs role shifted toward facilitating relationship building to address economic challenges in low- and moderate-income communities.

In general, the evidence suggests the CRA has increased lending to LMI communities, although the magnitude is a matter of debate and it is difficult to disentangle the effects of the CRA from the effects of other regulatory and market changes. Some research has found that CRA-related lending is at least marginally profitable, although other research suggests the CRA has had little effect on bank profitability, either positive or negative Avery, Calem and Canner ; Bernanke Following the financial crisis of , some critics of the CRA argued it had contributed to the mortgage crisis by encouraging banks to make loans to riskier borrowers.

There is some evidence that CRA lending standards were relaxed in the mids; however, the bulk of defaulted mortgages during the foreclosure crisis were originated between and In addition, many of those loans were issued by mortgage lenders not subject to the CRA. Overall, the available evidence suggests the CRA was not responsible for the subprime crisis Haltom

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The Basics of the Community Reinvestment Act How It Can Benefit Your Community

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