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Topic: Community Reinvestment Act

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	Community Reinvestment Act - Wikipedia, the free encyclopedia
		The CRA was passed into law in 1977 as a result of national grassroots pressure for affordable housing.
		The CRA mandates that each banking institution be evaluated to determine if it has met the credit needs of its entire community.
		Banks, community groups, and the implementation of community reinvestment agreements, Housing policy debate, 9, 3, pp.
	en.wikipedia.org /wiki/Community_Reinvestment_Act (242 words)

	OCC: CRA Information (Site not responding. Last check: 2007-10-14)
		The CRA was enacted in 1977 to prevent redlining and to encourage banks and thrifts to help meet the credit needs of all segments of their communities, including low- and moderate-income neighborhoods.
		The CRA and its implementing regulations require federal financial institution regulators to assess the record of each bank and thrift in helping to fulfill their obligations to the community and to consider that record in evaluating applications for charters or for approval of bank mergers, acquisitions, and branch openings.
		CRA examinations for banks with an overall CRA rating of outstanding and aggregate assets of $250 million or less can be started no sooner than 60 months after the most recent CRA examination.
	www.occ.treas.gov /crainfo.htm (609 words)

	Speak Out: Community Reinvestment Act
		The Community Reinvestment Act was enacted in Congress in 1977.
		CRA outlaws redlining by banks and other financial institutions and makes it banks' responsibility to provide equal treatment to all communities for which they are chartered.
		CRA examinations are conducted by the federal agencies that are responsible for supervising depository institutions.
	www.meetingground.org /loavfish/lf399/cra.htm (946 words)

	NCRC \| Policy \| Community Reinvestment Act
		The federal agencies conducting CRA examinations are: the Office of the Comptroller of the Currency that examines nationally chartered banks, the Office of Thrift Supervision that examines savings and loan institutions, and the Federal Deposit Insurance Corporation and the Federal Reserve Board - both of whom examine state chartered banks.
		The Gramm-Leach-Bliley Act of 1999 established a less frequent exam cycle for small banks with passing CRA ratings: small banks with outstanding ratings will be examined once every five years and those with satisfactory ratings will be examined once every four years.
		Community groups should contact the regulatory agencies if they believe that a particular small bank should be examined before its lengthened time cycle.
	www.ncrc.org /policy/cra.php (1049 words)

	New Rules Project - Finance - Community Reinvestment Act
		Congress enacted the Community Reinvestment Act (CRA) in 1977 after years of grassroots pressure to encourage banks to help meet the credit needs of the communities in which they are chartered.
		Community groups can make written comments on a bank's performance at any time and have the comments put into the bank's CRA file so that regulators consider them as part of the evaluation.
		Second, banks and community groups are required to report their CRA agreements on an annual basis, but federal agencies are prohibited from following up on disclosures to see if banks are fulfilling their promises.
	www.newrules.org /finance/cra.html (857 words)

	ASB > In the Community > Community Reinvestment Act (CRA)
		CRA requires that each federal financial supervisory agency assess the record of each covered depository institution in helping meet the credit needs of the entire community, including low and moderate income neighborhoods, consistent with safe and sound operations.
		CRA was implemented by Regulation BB of the Federal Reserve Board and became effective November 6, 1978.
		CRA specifically reaffirms that financial institutions should be encouraged to meet local credit needs only if such actions are consistent with the safe and sound operation of such institutions.
	www.asbhawaii.com /lhc/8_2_5.php (1285 words)

	UNHP: Community Reinvestment Act
		The Community Reinvestment Act states "regulated financial institutions have continuing and affirmative obligation to help meet the credit needs of the local communities in which they are chartered." Under CRA, regulators can deny or delay a bank's application to merge with another bank or expand its services if the bank's CRA review is found inadequate.
		If one of these companies failed their CRA exam, they would not be subject to any penalties, such as the possibility of divesting or ceasing the activities of the insurance and security company subsidiaries.
		CRA is vital to the stabilization and growth of the Northwest Bronx and many other low- and moderate-income neighborhoods throughout the City and the State.
	www.unhp.org /CRA.html (2416 words)

	National Community Reinvestment Coalition
		The National Community Reinvestment Coalition is a nonprofit membership organization which seeks to increase fair and equal access to credit and banking services for lower income and minority communities.
		NCRC promotes community reinvestment by building the capacity to accomplish it among existing and emerging community organizations, and by creating the necessary understanding and support among business leaders, elected officials, and government regulators.
		Regional conferences which bring together individuals and organizations working in the same community to increase their understanding of community reinvestment and to facilitate partnership efforts.
	www.ffhsj.com /fairlend/ncrc.htm (471 words)

	Save the Community Reinvestment Act!
		The Community Reinvestment Act (CRA) requires banks and thrifts to serve the credit needs of all people, including low and moderate-income individuals and organizations where the financial institutions take deposits or work.
		Partnerships with and investments in community development financial institutions (CDFIs) are an important way that many banks meet their commitment to serve their markets.
		CRA should be extended to all portions of the financial services industry, including insurance and securities portions of bank holding companies, which receive a public subsidy.
	www.savecra.org (771 words)

	Community Reinvestment in Texas: Update 2005
		The CRA, enacted by Congress in 1977 (12 U.S.C. 2901) and implemented by Regulations 12 CFR parts 25, 228, 345 and 563e, was one of the first legislative acts passed by the U.S. Congress to address redlining, the practice of banks and savings and loan institutions denying loans to inner-city borrowers.
		The FDIC, the OCC and the OTS examine depository institutions for CRA compliance that are not supervised by the FRB.
		CRA opponents claim that the CRA is unnecessary because of these documented increases in home loans in the 1990s for low- and moderate-income populations.
	www.window.state.tx.us /comptrol/cra05/cra.html (5174 words)

	FRBB: Community Reinvestment Act
		The Community Reinvestment Act is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods, consistent with safe and sound banking operations.
		CRA examinations are conducted by the federal agencies that are responsible for supervising depository institutions: the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Office of Thrift Supervision (OTS).
		Communities and Banking is a quarterly publication geared for lenders and community development practitioners.
	www.bos.frb.org /commdev/commaff/cra.htm (376 words)

	NJ Department of Banking and Insurance - Community Reinvestment Act of 1997 (Site not responding. Last check: 2007-10-14)
		The federal Community Reinvestment Act, which was passed in 1977, requires that all F.D.I.C. insured banks, savings banks and savings and loan associations, whether State or Federally chartered, conduct lending, investment and service activities within their assessment areas.
		To this end, the basic requirement on institutions for CRA compliance is that they ascertain and meet the financial services needs of their assessment areas.
		In addition, each CRA examination report contains a public portion which may be read by members of the public and should be available upon request from the public file of the institution.
	www.state.nj.us /dobi/bcra.htm (579 words)

	Inner City Press' Community Reinvestment Act Guide & News
		The Community Reinvestment Act is a federal law that was passed in 1977, to prohibit banks from refusing to lend in low and moderate income communities.
		This Act slows the CRA examination cycle for banks with assets below $250 million to once every four or five years, and imposes new reporting requirements on community groups that seek to enforce the CRA, including by submitting comments to the bank regulatory agencies.
		There are public comment periods on these applications; if community groups document the bank's failure to fairly serve their area, the regulators are required to look more closely, and take action.
	www.innercitypress.org /cra.html (590 words)

	It's Time to Repeal the Community Reinvestment Act (Site not responding. Last check: 2007-10-14)
		That act was originally meant to deal with "redlining," the alleged refusal of banks to lend to residents of poorer urban, often racial-minority areas.
		Anjan V. Thakor and Jess C. Beltz found that, in 1992, CRA cost the 445 relatively small banks that they surveyed 4.5 percent of their pretax income and 0.25 percent of their total assets, on average.
		CRA is costly and unnecessary red tape that makes it more difficult for financial institutions to serve their customers.
	www.cato.org /cgi-bin/scripts/printtech.cgi/dailys/09-28-99.html (902 words)

	Progress Report, 10/22/04 - American Progress Action Fund (Site not responding. Last check: 2007-10-14)
		CRA WORKS: The New York Times reports CRA "has arguably been the nation's most significant community revitalization initiative." Before the law, many banks refused to make loans to people in poor and predominantly minority neighborhoods.
		The law has held banks "accountable to a higher and tougher standard, forcing them to actively pursue lending, investment and other activities in poor areas." Numerous studies conducted on the efficacy of CRA have concluded the law is a "win-win proposition." It has increased lending to minority communities while also proving profitable for most banks.
		Judging by investments alone, the National Community Reinvestment Coalition (NCRC) expects the $4 billion spent on community development by midsize banks to be at least cut in half by the rule change.
	www.americanprogressaction.org /site/pp.asp?c=klLWJcP7H&b=228627 (1529 words)

	CRA Information (Site not responding. Last check: 2007-10-14)
		Community Reinvestment Act - This link provides the most recent updates to the CRA regulation.
		The Community Reinvestment Act (CRA) was enacted in 1977 to encourage financial institutions to help meet the credit needs of their communities, including low and moderate-income neighborhoods, consistent with safe and sound lending practices.
		Under the Community Reinvestment Act, an institution may apply to its primary federal regulator to be designated a limited purpose or a wholesale institution.
	www.ots.treas.gov /pagehtml.cfm?catNumber=22 (722 words)

	FRB: Press Release--Banking agencies issue final Community Reinvestment Act guidance--March 2, 2006 (Site not responding. Last check: 2007-10-14)
		The guidance also addresses the availability of CRA "community development" consideration for bank activities that revitalize or stabilize underserved or distressed middle-income rural areas.
		The other major issue it addresses is implementation of the new community development test for banks with assets between $250 million and $1 billion.
		CRA directs the agencies to assess an insured depository institution's record of meeting the credit needs of its entire community, and to consider that record when acting on certain applications for branches, office relocations, mergers, consolidations and other corporate activities.
	www.federalreserve.gov /boarddocs/press/bcreg/2006/20060302 (322 words)

	community reinvestment act (cra)
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		Chapter 11 Proceedings Provisions of the Bankruptcy Reform Act under which the debtor firm is reorganized by...
		Community Reinvestment Act (CRA) Enacted by Congress in...
	www.idrassociate.org /ok4h6dmq.html (370 words)

	NCPA - Regulation Issues - Reforming The Community Reinvestment Act (Site not responding. Last check: 2007-10-14)
		The Community Reinvestment Act of 1977 (CRA) requires regulators to consider whether or not the lender has served the entire community, including low- and moderate-income neighborhoods.
		The CRA is the center of a controversy over federal legislation to reform the financial services industry and lower barriers between banks and other financial institutions.
		The CRA may have contributed to this trend, but mortgage interest rates fell during this period and the number of qualifying minority families rose.
	www.ncpa.org /pd/regulat/pd050799a.html (378 words)

	Community Reinvestment Act (CRA) - Community Affairs, Federal Reserve Bank of Chicago (Site not responding. Last check: 2007-10-14)
		In 1977, Congress enacted the Community Reinvestment Act (CRA) to encourage depository institutions to help meet the credit needs of their local communities, including low- to moderate-income neighborhoods, consistent with safe and sound banking operations.
		The CRA requires that each insured depository institution's record in helping meet the credit needs of its entire community be evaluated periodically.
		The federal banking agencies approved final Community Reinvestment Act (CRA) rules that are intended to reduce regulatory burden on community banks while making CRA evaluations more effective in encouraging banks to meet community development needs.
	www.chicagofed.org /community_development/community_reinvestment_act.cfm (238 words)

	COMMUNITY REINVESTMENT ACT
		Proponents of applying CRA to insurance companies believe that consolidation is erasing the boundaries between financial services companies, such that CRA should apply to all financial services companies.
		It is unnecessary to extend CRA to insurance companies because the industry does not unfairly discriminate against low-income and minority communities — the assertion made against the banking industry that led to the creation of CRA.
		The Community Reinvestment Act is by definition oriented to a specific geographic "community." Many insurers have no similar geographic orientation.
	www.namic.org /fedkey/03CRA.asp (683 words)

	Community Reinvestment Act - St. Louis Fed
		In 1977, Congress enacted the Community Reinvestment Act (CRA), which required federal financial regulatory agencies to encourage regulated financial institutions to help meet the credit needs of their local communities, including low- to moderate-income neighborhoods.
		The law specified that such community lending activity be consistent with safe and sound operation of the institutions.
		An institution's record of meeting the credit needs of its entire community is taken into consideration by its supervisory agency when the institution seeks to expand through merger, acquisition or branching.
	www.stlouisfed.org /community/about_cra.html (292 words)

	National Community Reinvestment Coalition
		The Community Reinvestment Act (CRA) is an anti-redlining law mandating that banks have an affirmative obligation to serve all the communities, including low- and moderate-income communities, in which they are chartered and from which they take deposits.
		CRA has leveraged impressive amounts of loans and investments for traditionally underserved neighborhoods.
		This is a key time for CRA enforcement when federal regulators make sure that the merging banks will maintain or improve their CRA performance.
	www.commondreams.org /pressreleases/may99/050699g.htm (989 words)

	[No title] (Site not responding. Last check: 2007-10-14)
		CRA imposes an affirmative and continuing obligation on banks to serve the needs for credit and banking services of all the communities in which they are chartered.
		Myth: CRA is Burdensome, Unprofitable, and Ineffective Fact: The Gramm-Leach-Bliley Act of 1999 required the Federal Reserve Board to study the profitability of CRA loans.
		The opponents of CRA are trying to weaken an effective anti-discrimination law via un-elected regulatory bodies after the failure to obtain their objectives through Congress.
	www.ncrc.org /pressandpubs/press_releases/documents/MythFactAboCRAproposa.doc (1430 words)

	EPA Community Reinvestment Act (CRA) Fact Sheet
		In 1977, Congress enacted the Community Reinvestment Act (CRA) to require banks, thrifts, and other lenders to make capital available in low- and moderate-income urban neighborhoods, thereby boosting the nation’s efforts to stabilize these declining areas.
		Lenders subject to the CRA can now claim community development loan credits for loans made to help finance the environmental cleanup or redevelopment of an industrial site when it is part of an effort to revitalize the low- and moderate-income community in which the site is located.
		Under CRA regulations, lenders’ CRA performance may be used as a basis for approving or denying activity in the banking industry.
	www.epa.gov /swerosps/bf/html-doc/cra.htm (408 words)

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