Community Reinvestment Act Compliance: New York City Banks : Hearing Before a Subcommittee of the Committee on Government Operations, House of Representatives, Ninety-seventh Congress, Second Session, March 29, 1982 |
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Page 4
... corporations can invest their money in New York City apartment buildings , but the largest New York City - based banks consider this proposition too risky ? As I mentioned , Manufacturers has participated in some con- struction lending ...
... corporations can invest their money in New York City apartment buildings , but the largest New York City - based banks consider this proposition too risky ? As I mentioned , Manufacturers has participated in some con- struction lending ...
Page 6
... corporations were given huge tax breaks that the money they did not spend in taxes would somehow find its way into our com- munities in the form of renewed investment in housing and eco- nomic development . So far we are still waiting ...
... corporations were given huge tax breaks that the money they did not spend in taxes would somehow find its way into our com- munities in the form of renewed investment in housing and eco- nomic development . So far we are still waiting ...
Page 7
... corporations . I do not think they really care that much about neighborhood kinds of investments . Mr. ROSENTHAL . Do you find that inconsistent with Mr. Rockefel- ler's role in the New York City partnership ? Mr. HAYES . Well , I am ...
... corporations . I do not think they really care that much about neighborhood kinds of investments . Mr. ROSENTHAL . Do you find that inconsistent with Mr. Rockefel- ler's role in the New York City partnership ? Mr. HAYES . Well , I am ...
Page 8
... corporations providing financial services . We are in the midst of major lobbying efforts to enlist Federal aid and legislation to relieve the banking community . As Congress considers its course , it should not miss this opportunity to ...
... corporations providing financial services . We are in the midst of major lobbying efforts to enlist Federal aid and legislation to relieve the banking community . As Congress considers its course , it should not miss this opportunity to ...
Page 22
... Corporation of its decision on a protested application . Thus , our recommendations to Congress are based on ... corporations carrying out commercial revitalization programs throughout the Borough . Our experience with the first and ...
... Corporation of its decision on a protested application . Thus , our recommendations to Congress are based on ... corporations carrying out commercial revitalization programs throughout the Borough . Our experience with the first and ...
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apartments Appendix applications bank's Board Borough borrowers branch Brooklyn Brownsville buildings Chairman Chase Manhattan Bank Chemical Bank Citibank Citicorp co-op commercial banks commitment Committee Community Development Community Reinvestment Act condominium Congress conversion cooperative Corporation credit needs credit services depository institution Disclosure dollar amount DRUGER effect enterprise zones Federal Reserve Federal Reserve System financial institutions Flatbush funds groups hearing high interest rates home improvement home improvement loans home mortgage loans HOSEY HUMMER inner city investment issue lender lending located low and moderate Manufacturers Hanover Trust ment metropolitan statistical area million moderate income moderate-income mortgage loans neighborhoods offered percent problems purchase real estate loans Redlining regulators regulatory agencies rehabilitation renovation residential response retail revitalization ROSENTHAL sald Savings Bank SCHOCHAT small business SMSA South Bronx specific statement Streetbankers subcommittee tenants thrifts tion units Vice President York City
Popular passages
Page 160 - The Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation...
Page 159 - These regulations may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for any class of transactions, as in the judgment of the Board are necessary or proper to effectuate the purposes of this title, to prevent circumvention or evasion thereof, or to facilitate compliance therewith.
Page 159 - Currency. (b) member banks of the Federal Reserve System (other than national banks), by the Board.
Page 155 - Act (CRA) states clearly that "regulated financial institutions are required by law to demonstrate that their deposit facilities serve the convenience and needs of the communities in which they are chartered to do business," and that the convenience and needs of communities include the need for credit services as well as deposit services.
Page 159 - Act referred to in that subsection, a violation of any requirement imposed under this title shall be deemed to be a violation of a requirement imposed under that Act. In addition to its powers under any provision of law specifically referred to in subsection (a), each of the agencies referred to in that subsection may exercise, for the purpose of enforcing compliance with any requirement imposed under this title, any other authority conferred on it by law.
Page 159 - State with respect to telephone billing practices, except to the extent that those laws are inconsistent with any provision of this title, and then only to the extent of the inconsistency.
Page 67 - Amendments of 1962 indicate that the term safe has reference to health of man, nowhere do they define safety. Discussing this subject before the Subcommittee of the Committee on Government Operations of the House of Representatives, the Commissioner of FDA pointed out that no effective drug can be absolutely safe.
Page 155 - ... the convenience and needs of communities include the need for credit services as well as deposit services; and (3) regulated financial institutions have continuing and affirmative obligation to help meet the credit needs of the local communities in which they are chartered.
Page 159 - Loan Act of 1933, section 407 of the National Housing Act, and sections 6(i) and 17 of the Federal Home Loan Bank Act, by the Federal Home Loan Bank Board (acting directly or through the Federal Savings and Loan Insurance Corporation), in the case of any institution subject to any of those provisions.
Page 160 - The Board, in consultation with the Secretary of Housing and Urban Development, is authorized and directed to carry out a study to determine the feasibility and usefulness of requiring depository institutions located outside standard metropolitan statistical areas, as denned by the Office of Management and Budget, to make disclosures comparable to those required by this title.