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Full-Text Articles in Law
Democratizing Capital: The History, Law, And Reform Of The Community Reinvestment Act, Richard D. Marsico
Democratizing Capital: The History, Law, And Reform Of The Community Reinvestment Act, Richard D. Marsico
Articles & Chapters
The Community Reinvestment Act of 1977 (CRA) has made great progress in achieving its dual purposes: eliminating bank redlining and promoting reinvestment in previously redlined neighborhoods. In doing so, the CRA has helped to democratize capital by giving more people a voice in bank lending decisions and including more people in the economic mainstream by influencing banks to make loans to them to buy homes or open small businesses. Despite the CRA's success, the CRA has not reached its full potential. One of the main reasons for this is that the federal agencies that enforce the CRA are so fearful …
A Tale Of Three Markets: The Law And Economics Of Predatory Lending
A Tale Of Three Markets: The Law And Economics Of Predatory Lending
Patricia A. McCoy
Predatory lending - the practice of making exploitative high-cost loans to naive borrowers - has spurred policy-makers, activists, lenders and scholars to debate whether intervention is warranted and, if so, what type of intervention is appropriate. The solution requires understanding the incentives in the home mortgage market that have fueled predatory lending. Recent changes in the credit market have created new possibilities for lenders to profit by exploiting information asymmetries to the detriment of unsophisticated borrowers. As a result, a new, predatory lending market has emerged alongside the legitimate prime and subprime home mortgage markets. Neither market forces nor existing …
Enforcing The Community Reinvestment Act: An Advocate's Guide To Making The Cra Work For Communities, Richard D. Marsico
Enforcing The Community Reinvestment Act: An Advocate's Guide To Making The Cra Work For Communities, Richard D. Marsico
Articles & Chapters
This guide to the Community Reinvestment Act (CRA) is designed to provide community advocates with the basic information and skills they need to challenge bank redlining and promote economic development in their neighborhoods. The Guide includes four sections: the legal structure of the CRA; important information about banks and how to get it; analyzing a bank's CRA records, and participating in the CRA enforcement process.
Lending Discrimination: Economic Theory, Econometric Evidence, And The Community Reinvestment Act, Keith N. Hylton, Vincent D. Rougeau
Lending Discrimination: Economic Theory, Econometric Evidence, And The Community Reinvestment Act, Keith N. Hylton, Vincent D. Rougeau
Faculty Scholarship
Although it has been settled law for almost two decades, there has been a heightened interest in the Community Reinvestment Act (CRA) over the last several years. One factor driving this interest is the continuing economic decline of the inner cities and the consequent widening of the wealth gap between cities and surrounding suburbs in many areas of the country. A second factor is the consolidation of the banking industry, which has encouraged expansion-oriented banks to improve their CRA ratings to gain the approval of regulators. A recent effort to enhance enforcement of the statute, in part the result of …