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Article: Reform of CRA ought to be guided by its original purpose. (Community Reinvestment Act) (Column)
- Article from:
- American Banker
- Article date:
- March 30, 1994
- Author:
CopyrightCOPYRIGHT 1994 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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I was appointed to the board of the Federal Deposit Insurance Corp. in 1978, not long after the Community Reinvestment Act was adopted. I spent a fair amount of time during my first year at the FDIC sereving on an interagency group assigned to develop the implementing regulations, policies, and procedures for CRA.
There were, as you might imagine, many different points of view about how we should proceed. At one end of the spectrum, we heard from more than a few bankers who believed the new law was part of a Socialist plot to control the banking system.
At the other end, we recieved entreaties from community activists who felt the CRA should become a ...