Academic journal article ABA Banking Journal

New York, Washington, and CRA

Academic journal article ABA Banking Journal

New York, Washington, and CRA

Article excerpt

New York, Washington, and CRA. Sometimes lost in the debate over the federal Community Reinvestment Act is the fact that 21 states have community reinvestment laws on their own books. New York recently sent up a reminder flare regarding its own CRA, passed a year after the original federal law in 1978. While praising state banks and community activists for behavior under the act, superintendent of banks Derrick D. Cephas wrote that "we nonetheless believe that the [New York] Community Reinvestment Act has not fully lived up to its promise,"

The key point of the N.Y. Banking Department's recent call for public comment is a first-ever formula for measuring compliance with the state CRA "by means of objective, quantifiable data." The agency's preliminary announcement did not spell out the details of the proposed formula. However, it did pose the idea of two categories of activities that would be considered for CRA credit, One would consist of basic qualifying activities and the other would consist of activities meriting "substantially increased" CRA credit. …

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