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Community Reinvestment Act

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NEWS
By Oregonian, Portland, Ore | July 1, 1991
Comedian Bob Hope once said that a bank is a place that will lend you money if you prove that you don't need it.Members of Congress who are behind the effort to gut the Community Reinvestment Act, while overhauling the banking system, are saying precisely the same thing.Hope's line is a joke; the anti-Reinvestment Act campaign isn't one for low-income neighborhoods.The act is the law that requires banks to make credit -- mainly in the form of home and small-business loans -- available to low-income neighborhoods.
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NEWS
May 3, 2013
I must take issue with letter writer Stanley Glinka's assertion that it was "the policy of forcing banks to give loans to people who could not afford them" that led to our current financial mess ("Stop blaming Bush," May 1). First of all, we need to remember that the bad loans that crashed the economy were in the trillions of dollars, and low-income Americans obviously did not receive trillions of dollars in loans in the years up to the crash. There is legislation called the Community Reinvestment Act (CRA)
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NEWS
March 15, 1996
AFFIRMATIVE ACTION critics in Congress want to exempt most banks from the Community Reinvestment Act. But inner-city neighborhoods need this nine-year-old law, which gives federal regulators the power to deny mergers or new branches to any bank that has a poor record of lending in a community where it takes deposits.Home loan approvals to African Americans increased by more than 38 percent in 1994 when compared to the previous year. Loan approvals for Hispanics also increased, 31 percent, while the approval rate for whites grew by 12 percent.
NEWS
Bob Ehrlich | April 21, 2013
A dangerous confluence of recent business stories have been attention grabbers. First, the Obama administration announced an initiative to ensure more home loans for those with weak credit. Then, a number of prominent economists issued forecasts reflecting a slowing economy over the next several quarters. For the public, it's déjà vu all over again: an all-knowing federal government again pushing its way into the housing market against the backdrop of a softening economy. Yet again, we hear calls for banks to facilitate more home loans to mortgage seekers with less-than-stellar credit.
BUSINESS
By New York Times News Service | March 31, 1995
WASHINGTON -- House and Senate Republicans, including the banking committee chairmen, united yesterday behind bills that would substantially scale back banking laws that provide for consumer protection and more lending in poor neighborhoods.The bills, introduced yesterday, would make more than 60 changes in federal laws. Some of the changes are broad, like an exemption for small and medium-sized banks from the Community Reinvestment Act, which requires that financial institutions lend in poor neighborhoods as well as in rich ones.
BUSINESS
By Timothy J. Mullaney | June 25, 1991
Consumer and community activists yesterday criticized plans for restructuring the nation's banking industry, saying at a press conference in Baltimore that proposed legislation could weaken a law that has spurred banks to invest in housing and businesses in poor neighborhoods.The Community Reinvestment Act of 1977 was designed to make sure that banks reinvest some of their deposits close to home and to stop a much-criticized practice of refusing to make loans in inner-city areas, known as red-lining.
BUSINESS
By New York Times News Service | April 19, 1995
WASHINGTON -- Federal regulators, bowing to intense opposition from bankers and Republicans in control of Congress, have dropped a proposal to require lenders to collect and report information on the race and gender of their small-business borrowers.The decision was disclosed yesterday as the four banking agencies prepared for final adoption today of a thorough overhaul of regulations aimed at encouraging banks and savings and loan institutions to make more loans in low-income and moderate-income areas.
NEWS
By NEAL R. PEIRCE | July 16, 1991
Washington. The neighborhood movement's prized Community Reinvestment Act of 1977, the nation's premier bill to stop banks from ''redlining'' poor neighborhoods, came perilously close to being gutted last month.A Pennsylvania congressman, Democrat Paul Kanjorski, suddenly produced an amendment in the House Banking Financial Institutions Subcommittee to exempt 80 percent of the nation's banks from compliance with the Community Reinvestment Act.Mr. Kanjorski presented the amendment as a paperwork relief bill for regulation-strangled small banks.
BUSINESS
By KENNETH HARNEY and KENNETH HARNEY,1990, Washington Post Writers Group | October 7, 1990
WASHINGTON -- If you're a first-time homebuyer, a minority group member or a tenant searching for affordable housing, you've probably never heard of Banyan Bank or the federal Community Reinvestment Act.But thanks to federal regulators' actions, your local banks and S&Ls are likely to be more receptive to your housing finance needs than ever before.Banyan Bank of Boca Raton, Fla., last week became the first lending institution in the nation to have its Community Reinvestment Act (CRA) rating by federal banking authorities revealed to the public.
NEWS
By Neal R. Peirce | July 8, 1996
WASHINGTON -- Government regulation, detested villain of the Republican Congress and free-market ideologues, is producing homeownership miracles for millions of low-income African Americans, Hispanics, Asians and immigrants across America.The vehicle of victory is the 20-year Community Reinvestment Act, originally passed by Congress in response to bitter complaints from urban neighborhoods of being ''red-lined'' for home mortgages and business investment by indifferent, hostile banks.For years, the Community Reinvestment Act produced clear but modest results as banks -- especially those seeking permission to merge with competitors -- responded to the law's requirement that they demonstrate service to their full market areas, low- income neighborhoods included.
NEWS
April 28, 2012
The op-ed by State Employees Credit Union CEO Rod Staatz ("Let credit unions do their job," April 25) compels me to respond on behalf of the Maryland banking industry. In his commentary, Mr. Staatz, who runs Maryland's largest credit union, argues that the congressionally-mandated cap on credit union small business lending should be more than doubled (from 12.25 percent of assets to 27.5 percent of assets) as called for in a bill (S. 2231) pending in Congress. We strongly disagree.
NEWS
November 22, 1999
In an extensive retrospective on his career in City Hall, outgoing Baltimore Mayor Kurt L. Schmoke lists his proudest accomplishments -- and most distressing disappointments.Candid and analytical as always, Mr. Schmoke was almost as eager to volunteer verdicts on sub-par performance as he was to chronicle achievements.The pluses he cited include a first-of-its-kind cyber-neighborhood in which new houses will be equipped with computers and access to the Internet; A little-known literacy program that empowers thousands of Baltimoreans and their families; and hundreds of housing units built by small contractors using the Community Reinvestment Act.On the downside, Baltimore's mayor acknowledges he failed to come to grips soon enough with the crisis in the Baltimore schools.
NEWS
By Bart Harvey | April 19, 1999
CHERYL Johnson believes in the power of prayer. While raising her children as a single parent, she prayed to realize her lifelong dream of owning her own home. For Ms. Johnson's family and other Baltimore residents, this dream of homeownership has become a reality, thanks to a partnership between a local nonprofit, the Druid Heights Community Development Corp. and the community development arm of NationsBank. These two entities joined to turn several blocks of abandoned and boarded-up properties in Druid Heights in West Baltimore into a planned townhouse community.
NEWS
By Neal R. Peirce | July 8, 1996
WASHINGTON -- Government regulation, detested villain of the Republican Congress and free-market ideologues, is producing homeownership miracles for millions of low-income African Americans, Hispanics, Asians and immigrants across America.The vehicle of victory is the 20-year Community Reinvestment Act, originally passed by Congress in response to bitter complaints from urban neighborhoods of being ''red-lined'' for home mortgages and business investment by indifferent, hostile banks.For years, the Community Reinvestment Act produced clear but modest results as banks -- especially those seeking permission to merge with competitors -- responded to the law's requirement that they demonstrate service to their full market areas, low- income neighborhoods included.
NEWS
March 15, 1996
AFFIRMATIVE ACTION critics in Congress want to exempt most banks from the Community Reinvestment Act. But inner-city neighborhoods need this nine-year-old law, which gives federal regulators the power to deny mergers or new branches to any bank that has a poor record of lending in a community where it takes deposits.Home loan approvals to African Americans increased by more than 38 percent in 1994 when compared to the previous year. Loan approvals for Hispanics also increased, 31 percent, while the approval rate for whites grew by 12 percent.
BUSINESS
By New York Times News Service | April 19, 1995
WASHINGTON -- Federal regulators, bowing to intense opposition from bankers and Republicans in control of Congress, have dropped a proposal to require lenders to collect and report information on the race and gender of their small-business borrowers.The decision was disclosed yesterday as the four banking agencies prepared for final adoption today of a thorough overhaul of regulations aimed at encouraging banks and savings and loan institutions to make more loans in low-income and moderate-income areas.
NEWS
May 3, 2013
I must take issue with letter writer Stanley Glinka's assertion that it was "the policy of forcing banks to give loans to people who could not afford them" that led to our current financial mess ("Stop blaming Bush," May 1). First of all, we need to remember that the bad loans that crashed the economy were in the trillions of dollars, and low-income Americans obviously did not receive trillions of dollars in loans in the years up to the crash. There is legislation called the Community Reinvestment Act (CRA)
NEWS
April 28, 2012
The op-ed by State Employees Credit Union CEO Rod Staatz ("Let credit unions do their job," April 25) compels me to respond on behalf of the Maryland banking industry. In his commentary, Mr. Staatz, who runs Maryland's largest credit union, argues that the congressionally-mandated cap on credit union small business lending should be more than doubled (from 12.25 percent of assets to 27.5 percent of assets) as called for in a bill (S. 2231) pending in Congress. We strongly disagree.
BUSINESS
By New York Times News Service | March 31, 1995
WASHINGTON -- House and Senate Republicans, including the banking committee chairmen, united yesterday behind bills that would substantially scale back banking laws that provide for consumer protection and more lending in poor neighborhoods.The bills, introduced yesterday, would make more than 60 changes in federal laws. Some of the changes are broad, like an exemption for small and medium-sized banks from the Community Reinvestment Act, which requires that financial institutions lend in poor neighborhoods as well as in rich ones.
BUSINESS
By David Conn and David Conn,Staff Writer | July 10, 1993
Rebecca Young paid rent nearly twice as long as most people take to finish off their mortgage."Let's put it this way," the 78-year-old West Baltimore resident said. "I've been living in the house since I was married: Let's go back to 1939."She's been through at least three landlords that she recalls, the latest of whom told her he wanted to sell the place more than two years ago, not long before her husband of 52 years died. "When you stay in a neighborhood so long, and you know so many people . . . ," she said, not wanting to finish the thought.
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