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Community Reinvestment

The Community Reinvestment Act (CRA), enacted by Congress in 1977 (12 U.S.C. 2901) and implemented by Regulation 12 CFR parts 25, 228, 345, and 563e, is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate. The CRA’s “sister” legislation is the Home Mortgage Disclosure Act (HMDA), enacted in 1975 to provide the public with mortgage lending data to help determine if financial institutions are serving the housing needs of their communities. This section of the website provides information about the regulations implementing the CRA and HMDA, any changes to these laws or their regulations, as well as any work or research Empire Justice Center does pertaining to CRA and HMDA data, including commenting on bank CRA exams.

ARTICLES

Fed Study: Low Mortgage Rates No Boon to Refinancing in 2010
According to a new study by the Federal Reserve, despite historically low mortgage rates last year, refinancing activity struggled. Read More

Do Bank Branches Matter Anymore?
This research suggests that brick-and-mortar branches provide tangible benefits to consumers, especially in low- and moderate-income neighborhoods. When branches are located in these areas, borrowers living there default less and have greater access to credit. Read More

The Subprime Crisis: Is Government Housing Policy to Blame?
In this paper the authors examine whether housing policy, embodied by the Community Reinvestment Act (CRA) and the affordable housing goals of the government sponsored enterprises, were associated with worse outcomes in the mortgage market, including delinquency rates and measures of loan quality. Read More


Community Reinvestment: Articles


IN THE NEWS

Many Long Island Communities Face Long Term Impact of Foreclosures
Study identifies hardest hit towns and strategies to keep families in their homes and limit damage to the local tax base. Read More

LI's minority enclaves hit hard by foreclosure
Long Island communities with the highest concentrations of houses slated for foreclosure are also the neighborhoods where many black and Hispanic residents live, reflecting a disproportionate impact of the housing crisis for minority groups, according to a new study of foreclosure warning notices sent by banks. Read More


Community Reinvestment: In the News


POLICY ADVOCACY

Empire Justice Comments to Regulators: Make Needed Comprehensive Changes to CRA Rules
Empire Justice's response to proposed changes to the Interagency Question and Answer (Q&A) document. Read More

Empire Justice Center and Other NY Groups Say Wells Fargo Should "Fail" Its CRA Exam
In their comment letter to the Office of the Comptroller of the Currency, Empire Justice Center and other New York organizations cite Wells Fargo's foreclosure practices and discriminatory mortgage lending patterns and urge the OCC to give Wells Fargo a "Substantial Noncompliance" on its Community Reinvestment Act (CRA) Exam. Read More


Community Reinvestment: Policy Advocacy


PUBLICATIONS

The Long Island Foreclosure Crisis: Stabilizing the communities most impacted by foreclosures in Nassau and Suffolk Counties
Study identifies hardest hit towns and strategies to keep families in their homes and limit damage to the local tax base. Read More

 

Paying More for the American Dream VI
This report examines systemic inequities in the mortgage market, as reflected in neighborhood lending patterns based on race and ethnicity. The authors analyzed 2010 Home Mortgage Disclosure Act (HMDA) data, and compared conventional and government-backed prime mortgage lending in seven U.S. cities, based on borrowers’ race and ethnicity and the racial and ethnic composition of neighborhoods. Read More

 

Community Reinvestment: Publications


NEWSLETTERS

Legal Services Journal - Spring 2011
The spring 2011 issue area of the LSJ has a special focus on Consumer and Community Development issues. You will also find an article on "Policy News", "Settlement in Class Action Application Delays Case in Nassau" and "21st Century SSA.. Read More

Legal Services Journal - Fall 2010 Issue
The Fall 2010 issue of the Legal Services Journal continues an over thirty year practice of reporting on a wide range of poverty law topics. Additionally, this issue has a special focus on Domestic Violence and Immigration Law. Thanks to all our authors and special recognition to members of Empire Justice Center Practice Groups who specialize in Domestic Violence and Immigration for their articles. Read More


Community Reinvestment: Newsletters


TRAINING AND EVENTS

Celebrating 30 Years of the Community Reinvestment Act
On January 24, 2008, the Greater Rochester Community Reinvestment Coalition and Empire Justice Center presented a forum celebrating 30 years of the Community Reinvestment Act. This forum is presented online in four parts. Read More



RESOURCES

Map the Key Issues in Your Community
Prepare an interactive map for your area showing economic, housing, education, employment, community development, neighborhood and population demographics. Read More

Overview of Community Reinvestment Act (CRA) and Regulations
The Community Reinvestment Act (CRA), enacted by Congress in 1977 (12 U.S.C. 2901) and implemented by Regulations 12 CFR parts 25, 228, 345, and 563e, is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate. In this section of the web site, you can find out more about the regulation and its interpretation and information on CRA examinations. Read More

Overview of Home Mortgage Disclosure Act (HMDA) and Regulations
The key piece of legislation for giving communities and policy makers information about how well banks and other mortgage lenders are serving communities under the Community Reinvestment Act. Read More