Upholding the Spirit of the CRA: Do CRA Ratings Accurately Reflect Bank Practices?

This hearing will expose and explain how Community Reinvestment Act (CRA) exams may not reflect discriminatory practices by regulated banks, including the problems associated with regulatory discretion and new bank structures that were prohibited when Congress enacted the CRA. It will also analyze the detrimental affect of non-disclosure of fair lending exams on community participation and CRA enforcement.

Presently, 98% of banks receive a satisfactory or outstanding rating on their CRA exams. Yet evidence of discrimination in lending and other bank practices persists, including a number of Department of Justice prosecutions of banks receiving high CRA ratings. This hearing will explore that coincidence.

This is the third in a series of hearings on subprime lending and the banking industry.

Wednesday, October 24, 2007
2 p.m.
2154 Rayburn
Washington, DC 20515
The hearing will be webcast LIVE!

Click here to read a Bloomberg article about the hearing.

Witnesses for the hearing include:
Panel I
• Ms. Sandra Thompson, Director, Division of Supervision and Consumer Protection, Federal Deposit Insurance Corporation
• Ms. Sandra Braunstein, Director, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System
• Ms. Montrice Yakimov, Managing Director for Compliance and Consumer Protection, Office of Thrift Supervision
• Ms. Ann Jaedicke, Deputy Comptroller for Compliance Policy, Comptroller of the Currency

Panel II
• Mr. Calvin Bradford, Board Member, National Training and Information Center
• Mr. James Carr, Chief Operating Officer, National Community Reinvestment Coalition
• Mr. Richard Marsico, Professor of Law, New York Law School, Director, Justice Action Center
• Mr. Hubert Van Tol, Director, Economic Justice, Rural Opportunities, Inc.