CRA at 30

The Community Reinvestment Act: Still Relevant at 30?

On October 12, 2007, the Justice Action Center, with the New York Law School Law Review and the Coalition for Debtor Education, sponsored “The Community Reinvestment Act: Still Relevant at 30?” This symposium looked back at three decades of the CRA and investigated whether the CRA can address financial issues facing undeserved communities, including reverse redlining, subprime and predatory lending, and international multi-service financial institutions.

The morning keynote address was given by Allen Fishbein, Director of Housing and Credit Policy, Consumer Federation of America.

Panelists in the first panel, Using the CRA to Address Financial Issues Facing Underserved Communities, included Robert Gutierrez, Examining Officer, Federal Reserve Bank of New York; Ruhi Maker, Attorney, Empire Justice Center; Josh Silver, Vice President of Research and Policy, National Community Reinvestment Coalition; and Warren W. Traiger, Partner, Traiger & Hinckley LLP, New York City.

The second panel, Improving the CRA, and Beyond, featured Mark W. Griffith, Co-Director, Neighborhood Economic Advocacy Development Project; Barbara Kent, President, Coalition for Debtor Education; William Myers, Senior Fellow, Aspen Institute; Gregory D. Squires, Professor of Sociology and Public Policy and Public Administration, George Washington University; and Mark A. Willis, Executive Vice President, JPMorgan Chase Community Development Group.

John Taylor, President & CEO, National Community Reinvestment Coalition, provided the luncheon keynote address.

The afternoon session featured a training session, CRA, HMDA Data Analysis, and Subprime Lending, that included an introduction to the CRA, home mortgage lending data analysis, and subprime and predatory lending. The training session was presented by Stacey M. Cooper, Senior Vice President, Northfork Bank; Sarah Ludwig, Executive Director, Neighborhood Economic Development Advocacy Project (NEDAP); Richard Marsico, Professor of Law, New York Law School; and Josh Silver, Vice President of Research and Policy, National Community Reinvestment Coalition.

The New York Law School Law Review’s symposium issue “The Community Reinvestment Act: Still Relevant at 30?” is now available. Click here to see a list of articles or to download papers as PDFs. The Law Review issue collects the scholarly contributions written in conjunction with the October 12, 2008 live event. This issue examines the efficacy of the Community Reinvestment Act in helping to promote economic justice. Articles take a look back at the history of the CRA and its impact on new problems in predatory lending – with a special emphasis on the collapse of the subprime mortgage market.