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Full-Text Articles in Law
The Community Reinvestment Act And The Economics Of Regulatory Policy, Christopher A. Richardson
The Community Reinvestment Act And The Economics Of Regulatory Policy, Christopher A. Richardson
Fordham Urban Law Journal
This article discusses the economic consequences and social implications of the Community Reinvestment Act. The CRA has direct economic effects on banks and neighborhoods and these neighborhoods also gain social benefits from the availability of credit which increase the quality of life in these areas. The article identifies the economic issues associated with providing access to credit in low and middle-income areas. Many of these problems are caused by the information asymmetry between lenders and borrowers because lenders do not realize the positive social benefits of the availability of credit in these areas. It contends that the ambiguous language of …
The Cra Implications Of Predatory Lending, Kathleen C. Engel, Patricia A. Mccoy
The Cra Implications Of Predatory Lending, Kathleen C. Engel, Patricia A. Mccoy
Fordham Urban Law Journal
This article considers the Community Reinvestment Act's role in combating predatory lending. It provides an overview of the CRA, explains how CRA-covered lenders may enable predatory lending and explores the relationship between the CRA, federal subsidies and predatory lending. The article concludes that the CRA should be used to penalize lenders that engage in predatory lending and recommends that federal bank regulators use CRA to sanction behavior that could encourage further predatory lending.