9]..............................................The Community Reinvestment Act of 1977 seeks to address discrimination in loans made to individuals and businesses from low and moderate-income neighborhoods. The Act mandates that all banking institutions that receive FDIC insurance be evaluated by Federal banking agencies to determine if the bank offers credit (in a manner consistent with safe and sound operation as per Section 802(b) and Section 804(1)) in all communities in which they are chartered to do business. The law does not list specific criteria for evaluating the performance of financial institutions. Rather, it directs that the evaluation process should accommodate the situation and context of each individual institution. Federal regulations dictate agency conduct in evaluating a bank's compliance in five performance areas, comprising twelve assessment factors. This examination culminates in a rating and a written report that becomes part of the supervisory record for that bank.
The law, however, emphasizes that an institution's CRA activities should be undertaken in a safe and sound manner, and does not require institutions to make high-risk loans that may bring losses to the institution. An institution's CRA compliance record is taken into account by the banking regulatory agencies when the institution seeks to expand through merger, acquisition or branching. The law does not mandate any other penalties for non-compliance with the CRA.[
"This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB
From your Link, sir:
it's not hard to read between the lines, bro.The Community Reinvestment Act of 1977 seeks to address discrimination in loans made to individuals and businesses from low and moderate-income neighborhoods
What the hell is this guy talking about? The regulatory environment remains minimal - at best the Obama administration has restored a bare-bones framework of common-sense measures to prevent another total collapse of the economy.
George W. Buckley - Wikipedia, the free encyclopediaIn 2009, George Buckley earned a total compensation of $13,992,628, which included a base salary of $1,720,000, a cash bonus of $3,859,112, stocks granted worth $4,333,655, options granted of $3,757,572, and other compensation of $322,289.
Gee, sure doesn't sound like all this "regulation" is hurting his paycheck. So who exactly is he talking about? Or is he infuriated that his paycheck isn't even bigger while the rest of America struggles?
Last edited by Troubadour; 03-06-11 at 05:56 PM.
And without those people who work for the businesses, they wouldn't exist.
“The more you know, the harder it is to take decisive action. Once you become informed, you start seeing complexities and shades of gray. You realize that nothing is as clear and simple as it first appears. Ultimately, knowledge is paralyzing.” - Bill Watterson
Who Is Chicago Ted?