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• W2992819704 abstract "I have been a close observer of the Community Reinvestment Act for nearly 15 years. I served on the Senate Banking Committee staff as the idea for CRA went through its gestational stage; followed it through hearings and enactment; and then became the chief implementor of it for the Office of the Comptroller of the Currency. I was responsible for OCC's enforcement of CRA during its first four years of existence. Since starting my own company ten years ago, I have worked closely with countless banks in implementing CRA programs. I have continued to stay in touch with the agency policymakers. While I did not write any part of either the law or the regulation, I believeI have at least as much perspective on how it is supposed to work as anyone has. Accordingly, it concerns me when bankers and examiners apply CRA in ways that I consider off target. A hazy law. Unfortunately, CRA leaves much opportunity for misinterpretation. The law is quite vague and the regulations and written performance standards are quite subjective. Some say this subjectivity is necessary or at least desirable to permit banks to fit CRA to their unique situations. That is debatable. The fact that it causes enormous problems is not. Despite the best efforts of the agencies, individual examiners, banks, bank advisors, and community representatives, how CRA applies to any specific case is open to drastically different interpretations. These differences appear daily in the way examiners rate and comment on various aspects of CRA performance. What is outstanding to one examiner may be merely to another. This observation is not meant to criticize the examiners; they have a difficult job to do in making these subjective judgments. But if their job is hard, consider how much more formidable a bank's is. It must assure, before the fact, that its program will measure up to an unknowable standard. The more clarity that can be brought into the process, the better. Accordingly, this column is devoted to addressing several of the many areas of widespread confusion. One caution: Discuss these matters with examiners. I have selected issues for inclusion in this myth list precisely because many examiners do take conflicting approaches. Banks should work with their examiners to reach a consensus on what CRA means, though they should be prepared to stand by their records if they believe they are right and an examiner is wrong on an important issue. Myth 1: CRA requires the bank to have a satisfactory reason for any instance in which it is not serving a low- to moderate-income area. I recently had the opportunity to debate this point with a field examiner very well versed in CRA. He had told a group of bankers that his agency would look at the bank's lending record in lower-income census tracts to see if it seemed reasonable in relation to the bank's size, type of market, and so on. The examiner said the bank would be expected to be able to explain any areas where lending seemed unreasonably low. For instance, the area might be dominated by a military base or by multi-family apartments, which would explain low levels of mortgages and home improvement loans. I asked what would happen if the bank did not have such an explanation for every census tract, but did have a strong overall record. The answer was essentially that the failure to serve any lower-income market, without satisfactory explanation, would be considered an important negative factor. This interpretation is consistent with the trend in how examiners look at geographic distribution of credit, one of the key CRA assessment factors. It is becoming common for examiners to review the geographic pattern, tract by tract, and to require the bank either to justify all underserved areas or to prepare to serve them better. While examiners may view this dialogue as merely seeking information on which to base their assessment, in practice it amounts to a mandate that the bank increase its lending to these areas. …" @default.
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• W2992819704 date "1993-02-01" @default.
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• W2992819704 title "CRA Myths and Misconceptions: A Personal View" @default.
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