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The Community Reinvestment Act (CRA, P.L. 95-128, 91 Stat. 1147, title VIII of the Housing and Community Development Act of 1977, 12 U.S.C. § 2901 et seq.) is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods.
Once a rule is thus repealed, the CRA also prohibits the reissuing of the rule in substantially the same form or the issuing of a new rule that is substantially the same "unless the reissued or new rule is specifically authorized by a law enacted after the date of the joint resolution disapproving the original rule" (5 U.S. Code § 801(b)(2)).
The CRA compounds these problems by telling agencies not to issue a rule that is “substantially the same” as a repealed rule. But the CRA fails to define what “substantially the same” means.
Continuing Appropriations Resolution, 2014 (H.J.Res 59) (H.J.Res. 59) - a proposed continuing resolution that failed final passage, leading to the United States federal government shutdown of 2013 October 2013 mini-continuing resolutions - continuing resolutions proposed during the 2013 federal government shutdown that would have funded small ...
According to the OCC, the final rule will increase bank CRA-related lending, investment, and services in low- and moderate-income communities where there is significant need for credit, more responsible lending, and greater access to banking services by: Clarifying what qualifies for CRA consideration.
A notice of proposed rulemaking (NPRM) is a public notice that is issued by law when a U.S. federal agency wishes to add, remove, or change a rule or regulation as part of the rulemaking process. The notice is an important part of US administrative law, which facilitates government by typically creating a process of taking of public comment.
CRA ratings, however, and not CRA loans, were the main tools of altering banking practices. A poor rating prevented mergers. Community activist groups became an important part of the merger process. Their support was crucial to most mergers and in return the banks supported their organizations.
How Trump made the CRA great First passed in 1996, the Congressional Review Act was designed, in part, to prevent an outgoing administration from slipping last-minute regulations under the closing ...