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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.
According to several economists, Community Reinvestment Act loans outperformed other "subprime" mortgages, and GSE mortgages performed better than private label securitizations. [ 21 ] [ 54 ] Nonetheless, economists at the National Bureau of Economic Research concluded that banks undergoing CRA-related regulatory exams took additional mortgage ...
The goal was the return to a balance between the benefits of a state bank charter versus a federal bank charter. Among other notable changes, the Act stipulated that a federally chartered bank wishing to expand must first undergo a review of its Community Reinvestment Act compliance. [3] Congress approved the bill by September 14, 1994.
1981: Each of the 12 Federal Reserve banks establishes a Community Affairs Office to offer public and private guidance in accordance with the Community Reinvestment Act. [18] [19] 1981: Salomon Brothers transitions from a private partnership to a public corporation, the first of the Wall St. investment banks to do so. This shifts the risk of ...
Federal student loans. Private student loans. Interest rates. 5.50% to 8.05% for loans disbursed before July 1, 2024. 6.53% to 9.08% fixed for loans disbursed after July 1, 2024
The suit also alleged that Sallie Mae failed to properly disclose loan terms to private student loan borrowers. The lawsuit was settled in 2011. The terms of the settlement included Sallie Mae agreeing to make a $500,000 donation to the United Negro College Fund and the attorneys for the plaintiffs receiving $1.8 million in attorneys' fees.
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The HOEA (2008) requires third party student loan lenders to disclose information concerning alternative federal loans, fixed and variable rates, limit adjustments, co-borrower requirements, maximum loans, rate, principle amount, interest accrual, total estimated repayment requirement, maximum monthly payment and deferral options.