About: Community Reinvestment Act

Description
Metadata
Settings
- owl:sameAs
- Inference Rule:

About: Community Reinvestment Act Sponge Permalink

An Entity of Type : owl:Thing, within Data Space : dbkwik.org associated with source dataset(s)

This series of articles aims to answer the question: does Europe need a Community Reinvestment Act and more specifically what could we in Europe learn from the US experience in the implementation of such legislation. The first article looks at the American experience and is based on published materials and a field visit by the UK based Community Development Finance Association in 2004. The second article will look at the issues for Europe in adopting such an approach.

Attributes	Values
rdfs:label	Community Reinvestment Act
rdfs:comment	This series of articles aims to answer the question: does Europe need a Community Reinvestment Act and more specifically what could we in Europe learn from the US experience in the implementation of such legislation. The first article looks at the American experience and is based on published materials and a field visit by the UK based Community Development Finance Association in 2004. The second article will look at the issues for Europe in adopting such an approach.
sameAs	dbr:Community_Reinvestment_Act
abstract	This series of articles aims to answer the question: does Europe need a Community Reinvestment Act and more specifically what could we in Europe learn from the US experience in the implementation of such legislation. The first article looks at the American experience and is based on published materials and a field visit by the UK based Community Development Finance Association in 2004. The second article will look at the issues for Europe in adopting such an approach. The CRA was passed into law by the United States Congress in 1977. It built on the 1975 Home Mortgage Disclosure Act which Jan Evers has described as ‘Draconian’ and which created a source of data against which the lending of banks for home lending and enterprise could be assessed in communities. The purpose of the act was to make illegal the practice of discrimination by banks on a neighbourhood or geographic basis. “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 The driver for both acts had been mortgage ‘red lining’ whereby banks or other lenders literally drew a red line around areas on the map that were seen as risky for home mortgage loans. Any application from within the area was normally refused. In practice these redlined areas were low income neighbourhoods containing high proportions of Black and Hispanic residents. CRA was responding to a well researched and documented problem of under investment by banks in minority neighbourhoods. In its initial format the act was something of a paper tiger. Although the act was well meaning it lacked teeth. In particular the data on lending by individual banks in specific areas remained confidential within the banking sector and was not available to outside researchers or activists. It took the reform in 1994 by the newly elected Clinton presidency to open up the debate by requiring public disclosure of bank lending by each bank. This article will focus on the post 1995 period when the act has been more effective.

OpenLink Virtuoso version 07.20.3217, on Linux (x86_64-pc-linux-gnu), Standard Edition
Data on this page belongs to its respective rights holders.
Virtuoso Faceted Browser Copyright © 2009-2012 OpenLink Software