Expand the Community Reinvestment Act - Blog Posts

April 1, 2010

Safe, sustainable mortgage lending is an essential ingredient for an economic recovery, and Woodstock Institute’s Online Community Lending Fact Book answers the question on everyone’s mind: “When will lending pick up, and where?”

April 1, 2010

Safe, sustainable mortgage lending is an essential ingredient for an economic recovery, and Woodstock Institute’s Online Community Lending Fact Book answers the question on everyone’s mind: “When will lending pick up, and where?”

March 15, 2010

Senate Banking Committee Chairman Chris Dodd (D-CT) released the Restoring American Financial Stability Act of 2009 today. Woodstock Institute believes the bill contains important provisions that will protect consumers and prevent the risky lending and abusive practices that led to the financial crisis. Sen. Dodd’s proposal will create a Consumer Financial Protection Bureau to crack down on the most egregious abuses from big banks and allow states to act as first responders to stop problems before they escalate.

March 10, 2010

Financial reform is at a critical juncture in Washington. The House has already passed a bill to create a strong and independent Consumer Financial Protection Agency (CFPA) to put consumers’ interests over those of Wall Street and crack down on the risky lending that spurred the financial crisis. However, Senate Banking Committee Chairman Chris Dodd (D-CT) continues to compromise the agency’s independence in the interest of bipartisan support.

March 3, 2010

So many of us—families and businesses—are struggling to pay our bills during these difficult times.

February 9, 2010

While Woodstock Institute is deeply engaged in national and local efforts to implement financial reforms, we also have occasion to explore financial issues with colleagues around the globe. Most recently, I was invited to participate in conversations surrounding community reinvestment issues in France. As a result of a meeting held in Paris on January 30, French bankers, non-governmental organizations (NGOs), economists, and other decision makers are considering pursuing laws similar to the United States’ Home Mortgage Disclosure Act (HMDA) and Community Reinvestment Act (CRA).

January 7, 2010

Federal Reserve Chairman Ben Bernanke started the new year with a reflective address to the American Economic Association on the causes of the financial crisis and steps to prevent a future crisis. Chairman Bernanke strongly stressed the need for “better, smarter” regulation and concedes that the Fed’s attempts at regulating the mortgage lending market were too little, too late. “Stronger regulation and supervision aimed at problems with underwriting practices and lenders' risk management would have been a more effective and surgical approach to constraining the housing bubble than a general increase in interest rates,” Bernanke said.

November 10, 2009

The regulatory reform proposal released today by Chairman Dodd (D-CT) goes a long way to ensuring that consumers and communities across the country have access to safe, affordable, and sustainable financial products.   We believe that the proposal brings us closer to ending the assumption that some financial institutions are too big to fail, protecting the financial system against systemic risk, creating a single federal banking regulator, and enforcing the consumer protections that have gone unenforced for far too long.  

October 16, 2009

The Chicago Tribune recently reported on American Union Savings & Loan Association’s objection to receiving a poor rating under Community Reinvestment Act (CRA) from the FDIC, its regulator.   American Union’s claim—that “reckless lenders attract [mortgage] applications and get favorable CRA ratings [and] these applications turned into bad loans”—is one that has been widely discredited by banking regulators and researchers.

Tags: CRA
May 6, 2009

The Federal Reserve Bank of Dallas’ recent report entitled “The CRA and Subprime Lending: Discerning the Difference” concludes that the Community Reinvestment Act “is unequivocally not to blame for the housing market’s fall. The numbers just don’t add up.” Moreover, data from the Board’s staff report suggest that the CRA prevented the subprime situation from being more severe.
 

Tags: CRA

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