TAILIEUCHUNG - The CRA within a Changing Financial Landscape

An Experimental Study of the Impact of CSAs in Africa: Fred Ssewamala, a social work professor at Columbia University, has been studying the effects of CSAs on orphaned children in Uganda through an intervention called SEED Uganda. In a study conducted by Ssewamala and co-researchers, some adolescents were given bank accounts (in their own name) while others were not. One year later, the researchers measured changes in the atti- tudes of both groups. They found that the adolescents given bank accounts had improved both their HIV preven- tion attitudes and educational plans, while those that were not given bank accounts had decreased. | Revisiting the CRA Perspectives on the Future of the Community Reinvestment Act The CRA within a Changing Financial Landscape Robert B. Avery1 Federal Reserve Board of Governors Marsha J. Courchane Charles River Associates International Peter M. Zorn Freddie Mac I. The Financial Landscape from 1977 to 2007 The financial landscape has changed significantly since the passage of the Community Reinvestment Act CRA in 1977. In this paper we provide an overview of how these changes have affected the coverage of the CRA the structure of CRA-regulated institutions and their effectiveness in meeting the goals of the CRA. By design and necessity we take a broad approach. In so doing we hope to provide a useful contextual background for the other articles in this volume that focus on changes in the CRA s implementing regulations and more specific aspects of the CRA its coverage and effectiveness. In 2007 the CRA celebrated its thirtieth anniversary. At its enactment the CRA was a response to the perception of many that depository institutions had failed to meet the credit needs of their communities and that this failure was encouraging urban flight and the deterioration of cities. Reasons expressed for the limited access to or availability of credit included social reasons discrimination in lending practices economic reasons limited information on credit limited access to capital and regulatory reasons prohibitions on interstate branching and mergers interest rate ceilings . The intent of the CRA was not to address each and every limitation of the banking system with respect to access of credit. It had a particular focus and Congress carefully evaluated some of the benefits provided by government to the banking community before determining that CRA coverage which would impose some costs on institutions might best be applied to those receiving benefits from the federal government. At the time of its enactment Congress determined that CRA regulations would apply only to .

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