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CRA: It's Not for Everyone

Influential House Financial Services Committee Chairman Barney Frank (D-Mass.) has always been a strong proponent of the Community Reinvestment Act and is looking to revamp the program to bring all financial services providers under the law and revise enforcement capabilities.

By Sarah Snell Cooke | Updated on February 12, 2008

Influential House Financial Services Committee Chairman Barney Frank (D-Mass.) has always been a strong proponent of the Community Reinvestment Act and is looking to revamp the program to bring all financial services providers under the law and revise enforcement capabilities.

Frank in discussing his CRA plans referred to Home Mortgage Disclosure Act data, which found a disparity between lending to minorities and lower-income households vis-? -vis Caucasian higher income households. Additionally, the spreads on loans to different population segments showed further variances. He called the findings “unacceptable” and charged that the disparities worsened the subprime crisis.

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