About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

GGD-94-79R 1 (1994-01-26)

handle is hein.gao/gaobackma0001 and id is 1 raw text is: GAO United States General Accounting Office Washington, D.C. 20548 General Government Division B-256266 January 26, 1994 The Honorable Henry B. Gonzalez Chairman, Committee on Banking, Finance and Urban Affairs House of Representatives The Honorable Joseph P. Kennedy II Chairman, Subcommittee on Consumer Credit and Insurance Committee on Banking, Finance and Urban Affairs House of Representatives This letter responds to your request for our analysis of the proposed Community Reinvestment Act (CRA) regulations, which the bank and thrift regulators recently released for public comment. We began a review of CRA and the related fair lending laws last May at your request. Our review is still under way and includes visiting about 40 banks and thrifts across the country to assess CRA from the perspectives of the industry, regulators, and community groups. The bank and thrift regulatory agencies deserve credit for their concerted efforts to obtain input from all affected parties prior to formulating their CRA proposal and for attempting to address some of the major criticisms of the current regulations within the short time afforded them by the President. The major change in the proposed regulations is the focus on assessing institutions' performance in lending, investing, and servicing their communities, particularly the low- and moderate-income segments, rather than the current focus of assessing institutions' efforts in helping to meet community needs. The proposed regulations also provide a streamlined assessment option for small institutions and an option for institutions to be assessed based on a preapproved CRA strategic plan. It is not clear, however, whether the proposed regulations' shift to performance-based assessment standards will achieve the desired goals of improving performance and promoting consistency while minimizing compliance burdens. Moreover, such a significant GAO/GGD-94-79R, Community Reinvestment Act

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most