Democratizing Capital

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ISBN: 9780890893296 | 0890893292
Cover: Paperback
Copyright: 5/1/2005

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"In Democratizing Capital, Professor Richard Marsico offers a bold proposal for improving the Community Reinvestment Act (CRA), a law that has done more than any other to "democratize capital" by bringing under privileged people and neighbourhoods into the economic mainstream." "Democratizing Capital will be of interest to policymakers, bankers seeking to comply with the law, government officials seeking to enforce it, community groups seeking to increase lending in their neighbourhoods, students interested in learning about the CRA, and anyone else interested in low-income community economic development."--BOOK JACKET.

Acknowledgments

vii

Introduction

(8)

The Legislative History of the CRA

(18)

Introduction

(1)

The Purpose of the CRA

(4)

CRA Enforcement

(3)

Criteria for Evaluating a Bank's Record of Meeting Community Credit Needs

(2)

Sanctions for Failing to Meet Community Credit Needs

(1)

Opposition to the CRA

(2)

Response to the CRA's Opponents

(2)

Amendments to the CRA

(5)

FIRREA Amendment

(1)

FDICIA Amendment

(1)

HCDA and RTCA Amendments

(1)

Riegle-Neal Amendment

(1)

GLBA Amendments

(3)

Conclusion

(1)

The Legal Structure of the CRA

(14)

Introduction

(1)

The Language of the Statute

(5)

CRA Performance Standards

(1)

CRA Enforcement Mechanisms

(1)

CRA Performance Evaluations and Expansion Applications

(1)

CRA Performance Evaluations

(1)

Bank Expansion Applications

(1)

Limited Enforcement Mechanisms

(1)

Judicial Interpretation of the CRA

(7)

Conclusion

(1)

The First CRA Enforcement Regime: 1977-97

(26)

Introduction

(1)

The Federal Banking Agencies' Perspective on the CRA and Credit Allocation

(3)

The Three Key Characteristics of the First CRA Enforcement Regime

(19)

The Overemphasis on Efforts

(1)

The CRA Regulations

(1)

Other Regulatory Materials

(1)

The Joint Statement

(2)

The Policy Statement on Analysis of Geographic Distribution of Lending

(1)

The CRA Q & A

(1)

CRA Performance Evaluation Procedures

(1)

Lack of a Fixed Set of Quantitative and Objective CRA Evaluative Criteria

(3)

Weak Enforcement

(1)

CRA Performance Evaluations

(1)

Inflated Ratings

(1)

Contents of the Evaluations

(2)

Bank Expansion Applications

(1)

Record of Denying Applications

(1)

Lack of Quantitative and Objective Evaluative Criteria

(3)

The Emphasis on Efforts

(2)

Administrative Enforcement Proceedings

(2)

Dissatisfaction with the First CRA Enforcement Regime

(3)

The Second Set of CRA Regulations and the Process of Adopting Them, 1993-95

(20)

Introduction

(2)

The 1993 Proposal

(4)

Description of the 1993 Proposal

(2)

Banking Industry Opposition to the 1993 Proposal

(2)

The 1994 Proposal

(2)

Description of the 1994 Proposal

(1)

The Second Set of CRA Regulations

(10)

Performance Context

(1)

Performance Tests and Evaluative Criteria

(1)

Large Retail Banks

(1)

The Lending Test

(1)

The Investment Test

(1)

The Service Test

(2)

Assigning the Overall CRA Rating to Large Retail Banks

(1)

Small Retail Banks

(2)

Wholesale and Limited Purpose Banks

(1)

The Strategic Plan Option

(1)

Enforcement

(1)

Assigning a CRA Rating

(1)

The Effect of a Bank's CRA Record on its Expansion Applications

(1)

CRA Assessment Area

(1)

Data Disclosure Requirements

(1)

Conclusion

(2)

The Second CRA Enforcement Regime: 1997-2004

(42)

Introduction

(1)

CRA Performance Evaluations

(2)

Lack of a Fixed Set of Evaluative Criteria

(1)

Quantitative Measures of Lending and Quantitative Benchmarks of Community Credit Needs

(1)

Subjective Standards for Comparing the Quantitative Measures of Bank Lending With the Quantitative Benchmarks of Community Credit Needs

(1)

Misleadingly Favorable and Inconsistent Application of Subjective Evaluation Standards

(1)

No Weights Assigned to Criteria

(3)

Large Retail Banks

(1)

Geographic Distribution of Loans

(1)

Distribution of Loans to Borrowers at Different Income Levels

(1)

Small Retail Banks

(1)

LDR

(1)

AA Lending

(1)

Distribution of Loans to Persons at Different Income Levels

(1)

Geographic Distribution of Loans

(1)

Inconsistent and Vague Standards for Evaluating the Retail Lending Component of the Lending Test for Large Retail Banks

(10)

Lending Within the Bank's Service Area

(1)

Geographic Distribution of Loans

(1)

Excellent

(1)

Good

(1)

Above average

100

(1)

Adequate

100

(1)

From ``marginally acceptable'' to ``poor''

101

(1)

Distribution of Loans to Persons at Different Income Levels

101

(1)

Excellent

101

(1)

Good

102

(1)

Adequate

103

(1)

Reasonable

103

(1)

Marginally adequate

103

(1)

Needs to improve

103

(1)

Poor

104

(1)

Inconsistent and Inflated CRA Ratings for Small Retail Banks

104

(1)

Outstanding

105

(1)

Satisfactory

105

(1)

Needs to Improve

105

(1)

Substantial Noncompliance

106

(1)

CRA Ratings

106

(1)

Decisions on Applications

107

(6)

The Board of Governors of the Federal Reserve System

107

(1)

California

108

(1)

Idaho

109

(1)

The Office of the Comptroller of the Currency

110

(1)

Arizona

111

(1)

North Carolina

111

(1)

Arizona

112

(1)

California

112

(1)

Kentucky

113

(1)

Compliance Manuals and Other Regulatory Materials

113

(6)

Small Retail Banks

113

(1)

LDR

114

(1)

Credit Extended Inside and Outside the Bank's AA

114

(1)

Geographic Distribution of Loans

114

(1)

Lending to Borrowers at Different Income Levels

115

(1)

Large Retail Banks

115

(1)

Geographic Distribution of Loans

115

(3)

Distribution of Loans to Persons at Different Income Levels

118

(1)

Revisions to the CRA Regulations?

119

(1)

Conclusion

120

(11)

The CRA's Effect on Democratizing Capital: Progress and Potential

131

(22)

Expansion Applications and ``CRA Challenges''

132

(6)

The CRA Challenge Process

134

(1)

Terms of Lending Agreements and Commitments

135

(3)

Efforts to Increase Lending Outside of the Bank Expansion or CRA Challenge Process

138

(6)

CRA Special Lending Programs

139

(3)

Community Economic Development Loans and Investments

142

(1)

Lending Consortia

142

(1)

Public/Private Partnerships

143

(1)

New Investment Vehicles

144

(1)

Studies About the CRA's Impact

144

(5)

Conclusion---The CRA's Unfulfilled Potential

149

(4)

Other Governmental Interventions in the Credit Markets: From Consent Decrees to Loan Disclosure

153

(20)

Introduction

153

(1)

The Definition of Credit Allocation

154

(2)

The Department of Justice's Lending Discrimination Cases

156

(3)

Home Mortgage Loan Purchase Targets for Fannie Mae and Freddie Mac

159

(4)

Mandatory Loan-to-Deposit Ratios for Banks with Interstate Branches

163

(3)

Disclosure of Information About Loans

166

(7)

Initial Passage and Legislative History of HMDA

166

(2)

The Impact of the Disclosure of Expanded HMDA Data

168

(2)

Lending Increases Following the Disclosure

170

(3)

Democratizing Capital

173

(22)

Introduction

173

(3)

The Proposed Criteria for Evaluating the CRA Performance of a Bank

176

(11)

Criteria for Evaluating Lending

176

(1)

Quantitative Benchmarks of Community Credit Needs

177

(1)

Credit

177

(1)

Community

177

(3)

Quantitative Benchmarks of Community Credit Needs

180

(2)

Quantitative Measures of Bank Lending

182

(1)

Objective Standards for Evaluating Bank Lending

183

(1)

Lending Evaluation Comparisons

184

(1)

Criteria for Evaluating Community Development Investments, Grants, and Services

185

(1)

Criteria for Evaluating Retail Banking Services

186

(1)

Applying the Proposed CRA Evaluative Criteria to a Bank

187

(4)

Scoring the Bank's Performance on Lending, Community Development, and Retail Banking

187

(1)

Lending

187

(1)

Community Development Loans, Investment, Grants, and Services

188

(1)

Retail Banking Services

188

(1)

Example

188

(1)

Assigning a CRA Rating to a Bank

188

(3)

Evaluating a Bank Expansion Application

191

(2)

Conclusion

193

(2)

Endnotes

195

(70)

Appendix One The Community Reinvestment Act

265

(8)

Appendix Two Community Reinvestment Act Regulations

273

(24)

Appendix Three Criteria that the Federal Banking Agencies Used to Evaluate CRA Performance

297

(8)

Table of Cases

305

(2)

Table of Authorities

307

(2)

Index

309

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Democratizing Capital

Summary

Author Biography

Table of Contents

Supplemental Materials