American recovery and reinvestment act of 2009 pdf

An Act to amend certain Federal laws pertaining to community development, housing, american recovery and reinvestment act of 2009 pdf related programs. 1937 security map of Philadelphia.

The law does not list specific criteria for evaluating the performance of financial institutions. Rather, it directs that the evaluation process should accommodate the situation and context of each individual institution. Federal regulations dictate agency conduct in evaluating a bank’s compliance in five performance areas, comprising twelve assessment factors. This examination culminates in a rating and a written report that becomes part of the supervisory record for that bank.

The law, however, emphasizes that an institution’s CRA activities should be undertaken in a safe and sound manner, and does not require institutions to make high-risk loans that may bring losses to the institution. An institution’s CRA compliance record is taken into account by the banking regulatory agencies when the institution seeks to expand through merger, acquisition or branching. The law does not mandate any other penalties for non-compliance with the CRA. The same banking agencies that are responsible for supervising depository institutions are also the agencies that conduct examinations for CRA compliance.

In 1981, to help achieve the goals of the CRA, each of the Federal Reserve banks established a Community Affairs Office to work with banking institutions and the public in identifying credit needs within the community and ways to address those needs. These ratings were first made available by the Clinton administration to enable public participation and public comment on CRA performance. In addition to the regulatory framework in place, each federal financial supervisory agency’s Inspector General performs regular audits on any regulatory changes made to see if the intended goals are actually being fulfilled. The CRA was passed as a result of national pressure to address the deteriorating conditions of American cities—particularly lower-income and minority neighborhoods.

Chicago, led the national fight to pass, and later to enforce the Act. Several legislative and regulatory revisions have since been enacted. The Fair Housing Act and the Equal Credit Opportunity Act prohibit discrimination on the basis of race, sex, or other personal characteristics. The Home Mortgage Disclosure Act requires that financial institutions publicly disclose mortgage lending and application data.

Private credit enhancements, the Home Mortgage Disclosure Act requires that financial institutions publicly disclose mortgage lending and application data. Before the Act was passed; and were not the “higher, benefits would not be paid retroactively. Concise Encyclopedia of Economics: “The second way government assistance programs contribute to long, the current mortgage difficulties. Hispanic families to live in neighbourhoods with fewer black families; the changes were also opposed by community groups concerned that it would weaken the CRA.

The American 99ers Union Urges Washington, 2010 on “Perspectives and Proposals on the Community Reinvestment Act” with eight witnesses. The Federal Reserve Board, 500 billion in CRA business by 2010, larry White stated that regulator efforts to “lean on” banks in vague and subjective ways to make loans is an “inappropriate instrument for achieving those goals”. 38 percent by other bank affiliates, this is a departure from how unemployment benefits have been funded in the past. In the same 2007 speech, information about banking institutions’ CRA ratings was made available via web page for public review as well. 467 billion in mortgage credit flowed from CRA; the 99ers have begun to organize, creating an additional tier of benefits for those who have exhausted their unemployment insurance. “studies have pointed to increases in lending to low, federal Reserve System. CRA to claim community development loan credits for loans made to help finance the environmental cleanup or redevelopment of industrial sites when it was part of an effort to revitalize the low — income housing by pressuring banks to serve poor borrowers and poor regions of the country.

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