Proposed regulatory Community Reinvestment Act reform

Hearings before the Subcommittee on General Oversight, Investigations, and the Resolution of Failed ... second session, February 1, 2, and 8, 1994 by United States

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Cover of: Proposed regulatory Community Reinvestment Act reform | United States
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The Physical Object
Number of Pages264
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Open LibraryOL7372248M
ISBN 100160459745
ISBN 109780160459740
OCLC/WorldCa31450204

The Community Reinvestment Act (CRA), enacted in , has fostered access to financial services for low- and moderate-income communities across the country. Together with other antidiscrimination, consumer protection, and disclosure laws, the CRA remains today a key element of the regulatory framework, encouraging the provision of mortgage, small business, . ACORN stands for the Association of Community Organizations for Reform Now, a busy hive of left-wing agitation and "direct action" that claims chapters in .   The Community Reinvestment Act of , or CRA — and the nine significant updates it's received from through — was and has continued to be a reaction to the practice of redlining and. Wall Street Reform or Financial Reform refers to reform of the financial industry and the regulation of the financial industry in the United States. Wall Street is the home of the country's two largest stock exchanges, and "Wall Street" is a metonym for the American financial sector. Major Wall Street reform bills include the Federal Reserve Act of , the Glass-Steagall Act of , the.

The myth that the CRA would not be harmful to bank-industry profits was hidden for years by the Fed-created housing bubble, which allowed for easy refinancing of all the bad debt. But now that the bubble has burst, all those unqualified borrowers — whom the government calls "subprime" — are defaulting. The bursting of the Fed-generated housing bubble is the reason why the CRA.   65 percent shall be deposited into the Housing Trust Fund established under section of the Federal Housing Enterprises Regulatory Reform Act of (12 U.S.C. ); and 35 percent shall be deposited into the Capital Magnet Fund established under section of that Act (12 U.S.C. ). Like the REFER Act and STATES Act, this legislation would allow federal cannabis prohibition to remain in place in states where cannabis has not been legalized. [2] CARERS Act. proposed U.S. legislation to allow states to set their own medical marijuana policies and permit doctors with the Department of Veterans Affairs to recommend. Shown Here: Introduced in House (03/12/) Community Reinvestment Modernization Act of - Repeals specified revisions to regulations governing the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Director of the Office of Thrift Supervision.

For more information on improving the regulatory engagement model, please visit the Fin Reg blog – “Davis Polk Comments on Federal Reserve’s Proposed Guidance on Board Governance” (Feb. 16, ), “Federal Reserve Signals Long-Overdue Re-examination of BHC Act Control Framework” ( ), “As Regulatory Reform Push Continues.   Redlining, the refusal by banks to lend to poor and minority communities, was so common decades ago that Congress passed the Community Reinvestment Act in . Community Reinvestment Act and Economic Development on *FREE* shipping on qualifying offers. Community Reinvestment Act and Economic Development. On Jan. 10, a Wall Street Journal headline announced “Trump Administration Seeks to Change Rules on Bank Lending to the Poor.” 1 The headline was in reference to potential changes to the Community Reinvestment Act (CRA) or its supporting regulations.

Proposed regulatory Community Reinvestment Act reform by United States Download PDF EPUB FB2

At the Urban Institute, Washington, D.C. I am pleased to be here at the Urban Institute to discuss how to strengthen the Community Reinvestment Act (CRA), which is a key priority for the Federal Reserve.

The CRA plays a vital role in bringing banks together with community members, small businesses, local officials, and community groups to make. Proposed regulatory Community Reinvestment Act reform: hearings 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, second session, February 1, 2, and 8,   Federal Reserve Governor Lael Brainard, the agency’s point person for the Community Reinvestment Act modernization process, today outlined the Fed’s approach to revising CRA rules and explained why the Fed did not join the notice of proposed rulemaking issued last month by the OCC and the FDIC.

Full text of "Proposed regulatory Community Reinvestment Act reform: hearings 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, second session, February 1, 2, and 8, ".

The Community Reinvestment Act (CRA, P.L. 91 Stat.title VIII of the Housing and Community Development Act of12 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 Enacted by: the 95th United States Congress.

Proposed regulatory Community Reinvestment Act reform: hearings 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, second session, February 1, 2, and 8, by United : The Agencies are seeking comment on regulations in the following categories: Banking Operations, Capital, and the Community Reinvestment Act.

Closing date for comments: 05/14/ Comments: Submit | View. Regulatory Publication and Review Under the Economic Growth and Regulatory Paperwork Reduction Act of [OP]. The federal regulatory agencies today proposed amendments to their respective Community Reinvestment Act regulations to address recent changes to Regulation C, which implements the Home Mortgage Disclosure Act.

Specifically, the proposed amendments revise the definition of “home mortgage loan” and “consumer loan,” and update the requirements for. Community Reinvestment Act Regulations An Uncategorized Document by the Comptroller of the Currency, the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Thrift Supervision Office on 02/03/ The equality and breadth of bank lending practices are under microscopic scrutiny from community groups, Congress, financial regulatory agencies and the media.

To say that subjective interpretation and sporadic enforcement have made the Community Reinvestment Act one of the most controversial regulations ever imposed upon banking is an Cited by: 7. More than community-based groups send Community Reinvestment Act reform letter to regulators.

WASHINGTON, DC — Today, state and national community-based groups called on the three federal bank regulatory agencies that implement the Community Reinvestment Act (CRA) to not include a one-ratio metric in the upcoming proposed CRA rule.

for a new CRA regulatory structure that we encourage the bank regulators to adopt. The banking industry has changed dramatically since the Community Reinvestment Act became law in Rather than basing CRA obligations solely on where a financial institution takes.

Community Reinvestment Act Regulations. AGENCIES: Office of the Comptroller of the Currency, Treasury some institutions may book loans, make investments, and provide services for low- and moderate-income persons primarily in the institution, while offering other products and services more predominantly targeted to middle- and upper-income.

(Download) April 8, RE: Notice of Proposed Rulemaking, Community Reinvestment Act Regulations, Docket ID OCC and RIN AF22 To Whom it May Concern: The National Community Reinvestment Coalition, an association of community-based organizations that promote access to basic banking services, affordable housing.

(Download) April 8, NCRC supplemental comment on proposed CRA evaluation measure using Federal Reserve CRA data Notice of Proposed Rulemaking (Docket ID OCC– and RIN AF22) Reforming the Community Reinvestment Act Regulatory Framework To Whom it May Concern: The National Community Reinvestment Coalition (NCRC) is submitting another comment on the proposed.

The Community Reinvestment Act of (CRA) encourages certain insured depository institutions to help meet the credit needs of the communities in which they are chartered, including low- and moderate-income (LMI) neighborhoods, consistent with the safe and sound operation of such institutions.

WASHINGTON—The federal bank regulatory agencies today issued a joint notice of proposed rulemaking to amend their respective Community Reinvestment Act (CRA) regulations primarily to conform to changes made by the Consumer Financial Protection Bureau (CFPB) to Regulation C, which implements the Home Mortgage Disclosure Act (HMDA).

Community banks strongly support meeting the credit needs of their entire communities, including low- and moderate- income areas. ICBA supports fair, equitable, consistent, and transparent implementation of the Community Reinvestment Act.

Consistency is critical between CRA examinations and among agencies. The Office of the Comptroller of the Currency has been leading the charge on revamping the Community Reinvestment Act, but a big unknown is whether the other two regulators charged with carrying out the law are committed to moving ahead as swiftly on a Author: Rachel Witkowski.

In an effort to “modernize” the Community Reinvestment Act (CRA) on December 12 the board of the Federal Deposit Insurance Corporation (FDIC) endorsed a proposed Notice of Public Rulemaking (NPR) offered by the Office of the Comptroller of the Currency (OCC).

The Office of the Comptroller of the Currency was the first of three bank regulators overseeing CRA to begin the revamp process, issuing an advance notice of proposed rulemaking to solicit feedback from the public.

The OCC gathered roughly 1, comments in November that were shared with the other agencies overseeing the law: the FDIC and the Author: Rachel Witkowski. Financial Services Regulatory Reform a regulatory proposal for the Community Reinvestment Act, changes to the brokered deposits rule and concerns about both encouraging and regulating innovation via The FDIC and the OCC in December announced a proposed rule to modernize the CRA regulatory.

Banking trade groups have detailed numerous objections to regulators' plans to revise the Community Reinvestment Act, in part agreeing with a House Democrat known for pillorying the industry.

The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. proposed updates to the overyear-old rule on Dec. 12, The Community Reinvestment Act (CRA) promotes access to financial services for populations who have historically been underserved by banks, but while the banking industry has changed dramatically since the law’s passage inthe law itself has not seen any major updates.

Last month, Prosperity Now wrote about the Office of the Comptroller of the Currency’s (OCC) intent to conduct a review of the Community Reinvestment Act (CRA).

On Aug the OCC acted on this intention by releasing an Advanced Notice of Proposed Rulemaking (ANPR).The ANPR is soliciting public feedback about revising the CRA, the first. The Independent Community Bankers of America called on the Federal Deposit Insurance Corp.

and the Office of the Comptroller of the Currency to make necessary changes to their proposal to reform Community Reinvestment Act regulations. On Augthe Office of the Comptroller of the Currency released guidance “which clarifies [its] policy for applying the regulatory framework to determine the effect of evidence of discriminatory or other illegal credit practices on the Community Reinvestment Act (“CRA”) rating of a national bank, federal savings association, or federal branch.”.

" See Community Reinvestment Act Regulations, 58 Fed. Reg. 67, 67, () (proposed Dec. 21, ) [hereinafter December Proposed Regulations] (stating that "[t]o implement the President's initiative, the four agencies held a series of.

The Clinton Administration Proposals In Decemberthe Clinton Administration proposed a new set of regulations to rein- vent the Community Reinvestment Act. In an effort to “modernize” the Community Reinvestment Act (CRA), the board of the Federal Deposit Insurance Corporation (FDIC) on December 12 endorsed a proposed Notice of Public Rulemaking (NPR) offered by the Office of the Comptroller of the Currency (OCC).

Today, we are publishing the second notice, addressing the Banking Operations, Capital, and the Community Reinvestment Act categories of regulations. We invite the public to identify outdated, otherwise unnecessary, or unduly burdensome regulatory requirements imposed on insured depository institutions and their Start Printed Page holding.

The Milwaukee Community Journal (MCJ) and the Weekend Edition are distributed at a number of community churches; as is the current issue of Healthy many area churches closed for the next few weeks due to the coronavirus, your MCJ suggests you pick up your edition of the newspaper, Weekend Edition and Healthy Start at our offices, located at .Treasury Issues Regulatory Reform Recommendations for Banking Industry.

J Financial Services. On Jthe U.S. Department of the Treasury released the first of a series of reports Assessing how the Community Reinvestment Act (“CRA”) CHOICE Act’s proposed approach of repealing the Volcker Rule outright and.