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OCE-86-1 1 (1985-11-04)

handle is hein.gao/gaobabnuh0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D.C. 20648 OFFICE OF THE CHIEF 9CONOMI8T NOVEMBER 4, 1985 B-220525 The Honorable Jake Gain Chairman, Committee on Banking, Housing and Urban Affairs 128318 United States Senate Dear Mr. Chairman: Subject: Difficulties in Evaluating the Effectiveness of the Community Reinvestment Act of 1977 (GAO/OCE-86-1) We are responding to your request that GAO perform an independent and objective evaluation of the effectiveness, economic efficiency, and equity of the Community Reinvestment Act of 1977 (CRA). After completing our survey work, we met with representatives of your office to explain the extent to which we could assess the impact of CRA on lending patterns in low- to moderate-income neighborhoods. We were able to obtain some information on CRA-related regulatory actions by those financial regulatory agencies responsible for the act's implementation and enforcement. However, we found major obstacles that we believe make it impossible to conduct a reliable evaluation of the act's economic impact. This report discusses the information that we obtained on the extent of CRA-related regulatory actions and the factors that prevented us from completing the study you requested. COMMUNITY REINVESTMENT ACT OF 1977 CRA's primary purpose is to encourage federally regulated financial institutions to help meet the credit needs of the local communities in which they are chartered, consistent with safe and sound business operations. The act is designed to deter poten- tially discriminatory lending practices by these institutions. Although the act addresses the full range of credit needs in local communities, legislative hearings preceding the enactment of CRA focused on the specific issue of mortgage availability in low-and moderate-income neighborhoods. (972121) 02:,0ls

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