Article: Community Bankers Oppose Democratic CRA Amendment; Unitary Thrift Holding Company Loophole Remains Biggest Sticking Point.

WASHINGTON, May 4 /PRNewswire/ -- The Independent Community Bankers of America has asked the Senate to oppose a specific CRA amendment to be offered by Senate Democrats, which would strike the Shelby-Gramm small bank CRA exemption language from S. 900, the Financial Services Modernization Act of 1999. Reportedly, this amendment would expand the enforcement authority of bank regulatory agencies regarding CRA, including the possibility of levying heavy fines against a bank and its officers and directors for less than satisfactory CRA performance.

In letters to Senate Banking Chairman Gramm and all members of the Senate, ICBA President Robert Barsness stated, "Community banks ...

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