Search Results
Showing results 1 to 10 of approximately 10.
(refine search)
Speech
Fulfilling our economic potential: remarks at the Association for Neighborhood & Housing Development 2019 Annual Conference, New York City
Remarks at the Association for Neighborhood & Housing Development 2019 Annual Conference, New York City.
Journal Article
CRA: An Examiner’s Perspective — FAQs on COVID-19 and the Community Reinvestment Act
An examiner provides an overview of FAQs intended to offer clarification for the Joint Statement on CRA Consideration for Activities in Response to COVID-19.
Report
Does the Community Reinvestment Act Improve Consumers’ Access to Credit
We study the impact of the Community Reinvestment Act (CRA) on access to consumer credit since 1999 using an individual-level panel and three distinct identification strategies: a regression discontinuity design centered on a CRA-eligibility cutoff; a comparison of neighboring census blocks; and an event study of changes in eligibility. All three rule out a significant effect of the CRA on consumer borrowing. We show that this is in part explained by a shift in mortgages from nonbanks, which are free from CRA obligations, to banks in need of CRA-eligible mortgages. Our findings underscore the ...
Working Paper
Does Giving CRA Credit for Loan Purchases Increase Mortgage Credit in Low-to-Moderate Income Communities?
Under the Community Reinvestment Act (CRA) banks can fulfill their affirmative obligation to meet local credit needs by lending in low-to-moderate-income (LMI) communities or by purchasing loans made by others. This paper evaluates whether giving CRA credit for purchases has had its intended effect of increasing LMI credit availability by making LMI loans more liquid. Analyses using a regression discontinuity design show that CRA increases loan purchases without affecting LMI originations. Instead, banks purchase loans that are temporarily diverted from the Government Sponsored Enterprises, ...
Discussion Paper
Does the CRA Increase Household Access to Credit?
Congress passed the Community Reinvestment Act (CRA) in 1977 to encourage banks to meet the needs of borrowers in the areas in which they operate. In particular, the Act is focused on credit access to low- and moderate-income communities that had historically been subject to discriminatory practices like redlining.
Journal Article
CRA: An Examiner's Perspective Considerations for Branch Closings
Branch closures can have negative impacts on a bank’s Community Reinvestment Act rating. For residents, a branch closure may result in less access to personal banking products such as checking and savings accounts.
Speech
Opening Remarks at the Puerto Rico and U.S. Virgin Islands Philanthropic Efforts Information Session, Federal Reserve Bank of New York, New York City
Remarks at the Puerto Rico and U.S. Virgin Islands Philanthropic Efforts Information Session, Federal Reserve Bank of New York, New York City.
Journal Article
A few examples of Chicago tackling youth joblessness
Many young people nationwide are undereducated, jobless, and living in poverty with no job prospects; in urban areas particularly, they face a continuing cycle of unemployment, in addition to substandard and often dangerous neighborhood conditions. Using greater Chicagoland (including the city and Cook County) as a case study, this article will highlight how capital and resources from the private sector, namely loans, investments, and services from regulated financial institutions (e.g., banks) could foster greater economic and community development, especially for underserved and at-risk ...
Journal Article
CRA: An Examiner’s Perspective — Assessing Community Credit Needs
An examiner reviews the important opportunity financial institutions have in establishing relationships with community development organizations.
Journal Article
CRA: An Examiner's Perspective COVID-19 and the Community Reinvestment Act (CRA) – Assessment Area Responsiveness
An examiner provides an overview of the Joint Statement on CRA Consideration for Activities in Response to COVID-19.