Making community reinvestment work
Article Abstract:
President Clinton has proposed community development banks to better implement the Community Reinvestment Act (CRA). The CRA was enacted to remedy redlining by banks. A weak regulatory structure and banking industry resistance have prevented the act from doing much good. In recognition of this, Congress made some changes in CRA with FIRREA and the amended Home Mortgage Disclosure Act (HMDA). The HMDA amendments require banks to maintain various kinds of social information about home mortgage applicants. The community development banks would be a national network with such aims as affordable housing and job creation.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1993
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Issues arise on naming of mutuals; Congress is looking at bank-affiliated funds
Article Abstract:
The rise in banks' provision of fee-based services to prop up their net worth and declining profits has led to congressional concern that customers might conclude that all bank-based services are federally insured. Therefore, banking regulatory agencies have promulgated regulations on whether bank-based mutual funds can have names similar to the bank's. Slightly different regulations apply to national banks and state-chartered member banks, but in general their mutual funds' names cannot be similar. Only the mutual funds of state-chartered non-member banks can, with some restrictions, have similar names.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1993
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Time to pension off the Glass-Steagall Act
Article Abstract:
A repeal of the Glass-Steagall act is long overdue, and both the Republicans in Congress and the president are willing to accept a repeal. The act limits financial and banking institutions to small niches, supposedly to avoid fraud and potential economic collapses. In reality, the law makes companies more susceptible to economic downturns and imposes an expensive regulatory burden. The competing bills to rescind the act are discussed.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1995
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