| Publisher | Consumer Federation of America | ||
|---|---|---|---|
| Format | 102.3KB PDF | Date added | 13 Jul 2004 |
| Topics | Bank Management, Gramm-Leach-Bliley Act | ||
| Downloads | 15 | ||
The Community Reinvestment Act (CRA) for over twenty five years has been a major tool in bringing capital and better banking services to the nation's underserved urban and rural communities. Two key changes to CRA would help to modernize the law and keep pace with these trends. First, CRA should be broadened to encompass a larger share of non-bank financial service providers. The second key adjustment to CRA would be to broaden the definition of community beyond those areas where banks have physical branches. GLBA provided an important opportunity to "modernize" CRA by applying these types of requirements to non-bank mortgage companies, insurance firms, and other financial institutions that affiliate with CRA covered banking institutions.
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