TAILIEUCHUNG - ENFORCING THE COMMUNITY REINVESTMENT ACT: AN ADVOCATEíS GUIDE TO MAKING THE CRA WORK FOR COMMUNITIES

To remedy these evils, the authorities at Amsterdam resolved to have recourse to that system of bank payments, which had so long been in use at Venice. This was the origin of the BANK OF AMSTERDAM. The original subscribers to the bank paid into its vaults certain sums in the current coin, for which they received a credit on its books equivalent to the intrinsic value of the deposit. These credits were known as bank money; and it was enacted by the legal authorities, that all payments of bills of exchange exceeding six hundred guilders in value, should be made in this bank money, which was equivalent to,. | This article originally appeared in 27 . Sch. J. Hum. Rts. 129 2001 . It is reprinted with permission of the New York Law School Journal of Human Rights. Copyright New York Law School Journal of Human Rights 2001 . ENFORCING THE COMMUNITY REINVESTMENT ACT AN ADVOCATE S GUIDE TO MAKING THE CRA WORK FOR COMMUNITIES Richard D. Marsico1 INTRODUCTION The Community Reinvestment Act CRA is a federal law that requires banks to meet the credit needs of their entire communities including low- and moderate-income LMI Since the CRA s enactment in 1977 banks have significantly increased their lending in LMI The primary movers behind enforcing the CRA have been community-based not-for-profit organizations. Through their effective use of the CRA these organizations have successfully advocated for banks to lend more money to LMI neighborhoods to support affordable housing small businesses community development projects and consumer credit needs. The purpose of this Guide is to introduce some of the main principles of the CRA to community advocates who are working to increase lending in their neighborhoods and to provide basic information about how the CRA can help in doing so. This is a time of great change and uncertainty in the financial services industry. Many of the circumstances that have supported community advocates successes in enforcing the CRA are changing. Banks are fewer in number and larger in size. They are national and international in scope. They are becoming increasingly complex institutions and now with the repeal of the Glass-Steagall Act banks can continue to expand the financial services they Banks are relying less on branches for providing services and more on the internet and other off-site means. As banks become larger and more comprehensive financial institutions taking deposits and making loans may become less a part of what they do and it may become more difficult to enforce the CRA against them. It is as .

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