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 3
... result of the millions of New York area resi- dents who have deposits with these banks . A recent article in last week's Gannett Today newspaper reports that banks made record high profits during 1981 , when many businesses and ...
... result of the millions of New York area resi- dents who have deposits with these banks . A recent article in last week's Gannett Today newspaper reports that banks made record high profits during 1981 , when many businesses and ...
Page 11
... result , the areas that were most severely underserved prior to CRA remain under- served today , and whatever increase there has been in the inner city has been channeled into middle and upper middle income neighborhoods , a trend which ...
... result , the areas that were most severely underserved prior to CRA remain under- served today , and whatever increase there has been in the inner city has been channeled into middle and upper middle income neighborhoods , a trend which ...
Page 13
... resulting in deterioration of some communities ? Mr. GOLDEN . Well , I would not attribute it directly , but I certain- ly would say that the failure to reinvest money within the commu- nities had an effect of deterioration . Mr ...
... resulting in deterioration of some communities ? Mr. GOLDEN . Well , I would not attribute it directly , but I certain- ly would say that the failure to reinvest money within the commu- nities had an effect of deterioration . Mr ...
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... to speak with individual leaders in the banking community about the Borough's development programs and the support needed from the financial community . I continued this strategy without measurable results and welcomed the 19.
... to speak with individual leaders in the banking community about the Borough's development programs and the support needed from the financial community . I continued this strategy without measurable results and welcomed the 19.
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... results and welcomed the implementation of the Community Reinvestment Act . Prior to implementation of the CRA and prior to our invocation of the Act in our communication with local bankers there was virtually no response to the issues ...
... results and welcomed the implementation of the Community Reinvestment Act . Prior to implementation of the CRA and prior to our invocation of the Act in our communication with local bankers there was virtually no response to the issues ...
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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.