wlm4 at cornell.edu (Will
04-10-1995, 06:26 PM
NCRC REINVESTMENT COMPENDIUM Pt 2
April/May 1995
++++++++++++++++++++++++++++++++++++++++++++++++++ ++++
* Fed Adopts Amendments to HMDA Regulation *
The Federal Reserve Board released amendments to the Home Mortgage
Disclosure Act (HMDA) regulation that would require lenders to report data
in machine-readable form and update their loan application registers on a
quarterly basis. In addition, the regulation makes a number of changes to
how refinancing and home improvement loans must be reported. The Federal
Reserve is required by statute to make every effort to ensure that
disclosure statements for individual lenders are available to the public
by July 1, and the aggregate tables are available at central depositories
by September 1. For a copy of the rule, contact NCRC. Free for members,
copying and postage fees for all others.
++++++++++++++++++++++++++++++++++++++++++++++++++ ++++
* FED and OCC Clarify Public Welfare Investments Requirements *
The Federal Reserve Board (FED) and the Office of the Comptroller of the
Currency (OCC) have each issued guidelines and regulations regarding
public welfare investments (e.g. CDC, community development projects,
CDFIs, etc.). For a copy of the rule, contact NCRC. Free for members,
copying and postage fees for all others.
++++++++++++++++++++++++++++++++++++++++++++++++++ ++++
* Regulatory Moratorium Threatens CRA Regulation *
While Republicans are considering rewriting the CRA law, the
anti-regulation fever sweeping Congress could impact the
soon-to-be-released CRA regulation. In the House, a bill instituting a
moratorium on all new regulations (H.R. 450) passed on a vote of 276- 146,
and is now being considered in the Senate. While it is likely that the
CRA regulation would be covered by the legislation, the law contains
exceptions for rules that reduce regulatory burden. Bank regulators may
claim that the CRA regulation falls under that exception.
++++++++++++++++++++++++++++++++++++++++++++++++++ ++++
* House Banking Committee Holds Hearings on CRA *
Representative Marge
Roukema (R-NJ), chair of the Financial Institutions and Consumer Credit
subcommittee, held hearings on March 8 and 9 to discuss the proposed CRA
regulations and McCollum bill. Representatives from the banking industry,
the regulatory agencies, consultants, and consumer and community
organizations testified at the hearing, including John Taylor, President
and CEO of NCRC. Copies of the testimony are free to members, postage and
copying costs for all others.
++++++++++++++++++++++++++++++++++++++++++++++++++ ++++
* Bankers Salivating Over Potential Glass-Steagall Repeal *
Banking groups representing large lenders are pushing hard for
Congressional action to repeal the 1933 Glass-Steagall Act.
Glass-Steagall limits banks from engaging in a wide range of activities,
including owning a securities firm, insurance underwriting, and investment
banking. Large banks are anxious to enter these lucrative areas of
business to boost profits and expand business. House and Senate Banking
Committees, and the Administration, have each put forward proposals to
repeal the act.
However, consumer organizations and some economists are warning that the
expansion of banking powers could lead to replay of the S&L debacle, with
the Federal government bailing out banks that lose big in the highly risky
world of investment banking. The recent demise of the English bank
Barings provides a cautionary tale of what can go wrong. In addition,
there is a chance that efforts to weaken CRA could be attached to the
legislation. For more information on the Glass-Steagall Act, contact
NCRC.
Chris Bohner (cbohner@access.digex.com)
Research Analyst
The National Community Reinvestment Coalition
1875 Connecticut Avenue, Suite 1010
Washington DC 20009
Phone: 202-986-7898
Fax: 202-986-7475
This post transferred from the cdb-l mailing list
April/May 1995
++++++++++++++++++++++++++++++++++++++++++++++++++ ++++
* Fed Adopts Amendments to HMDA Regulation *
The Federal Reserve Board released amendments to the Home Mortgage
Disclosure Act (HMDA) regulation that would require lenders to report data
in machine-readable form and update their loan application registers on a
quarterly basis. In addition, the regulation makes a number of changes to
how refinancing and home improvement loans must be reported. The Federal
Reserve is required by statute to make every effort to ensure that
disclosure statements for individual lenders are available to the public
by July 1, and the aggregate tables are available at central depositories
by September 1. For a copy of the rule, contact NCRC. Free for members,
copying and postage fees for all others.
++++++++++++++++++++++++++++++++++++++++++++++++++ ++++
* FED and OCC Clarify Public Welfare Investments Requirements *
The Federal Reserve Board (FED) and the Office of the Comptroller of the
Currency (OCC) have each issued guidelines and regulations regarding
public welfare investments (e.g. CDC, community development projects,
CDFIs, etc.). For a copy of the rule, contact NCRC. Free for members,
copying and postage fees for all others.
++++++++++++++++++++++++++++++++++++++++++++++++++ ++++
* Regulatory Moratorium Threatens CRA Regulation *
While Republicans are considering rewriting the CRA law, the
anti-regulation fever sweeping Congress could impact the
soon-to-be-released CRA regulation. In the House, a bill instituting a
moratorium on all new regulations (H.R. 450) passed on a vote of 276- 146,
and is now being considered in the Senate. While it is likely that the
CRA regulation would be covered by the legislation, the law contains
exceptions for rules that reduce regulatory burden. Bank regulators may
claim that the CRA regulation falls under that exception.
++++++++++++++++++++++++++++++++++++++++++++++++++ ++++
* House Banking Committee Holds Hearings on CRA *
Representative Marge
Roukema (R-NJ), chair of the Financial Institutions and Consumer Credit
subcommittee, held hearings on March 8 and 9 to discuss the proposed CRA
regulations and McCollum bill. Representatives from the banking industry,
the regulatory agencies, consultants, and consumer and community
organizations testified at the hearing, including John Taylor, President
and CEO of NCRC. Copies of the testimony are free to members, postage and
copying costs for all others.
++++++++++++++++++++++++++++++++++++++++++++++++++ ++++
* Bankers Salivating Over Potential Glass-Steagall Repeal *
Banking groups representing large lenders are pushing hard for
Congressional action to repeal the 1933 Glass-Steagall Act.
Glass-Steagall limits banks from engaging in a wide range of activities,
including owning a securities firm, insurance underwriting, and investment
banking. Large banks are anxious to enter these lucrative areas of
business to boost profits and expand business. House and Senate Banking
Committees, and the Administration, have each put forward proposals to
repeal the act.
However, consumer organizations and some economists are warning that the
expansion of banking powers could lead to replay of the S&L debacle, with
the Federal government bailing out banks that lose big in the highly risky
world of investment banking. The recent demise of the English bank
Barings provides a cautionary tale of what can go wrong. In addition,
there is a chance that efforts to weaken CRA could be attached to the
legislation. For more information on the Glass-Steagall Act, contact
NCRC.
Chris Bohner (cbohner@access.digex.com)
Research Analyst
The National Community Reinvestment Coalition
1875 Connecticut Avenue, Suite 1010
Washington DC 20009
Phone: 202-986-7898
Fax: 202-986-7475
This post transferred from the cdb-l mailing list