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Addendum to NCRC alert on HR 10
The information about CRA and foreign-owned banks was incorrect in the
previous NCRC alert about HR 10. In the Senate Banking version of HR 10,
CRA is still applied to foreign-owned banks. It is not applied to a
wholesale financial institution if the wholesale institution is owned by a
foreign owned bank.
We apologize for the misunderstanding. The previous info. about a foreign
owned bank was based on a summary of the manager's amendment to HR 10.
The other points in the alert remain accurate. If you have any questions,
please call NCRC at 202-628-8866. NCRC is the nation's CRA trade
association of more than 680 community reinvestment organizations.
Vice President of Research
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