Richard D. Marsico
Richard D. Marsico teaches clinical courses at New York Law School. His work has included representing community groups campaigning for local development to bring housing and jobs to needy people and to increase banking and financial opportunities in poor and minority neighborhoods.
A Westchester native, Professor Marsico went to college in the Bronx, where he got his B.A., summa cum laude, from Fordham University, along with a healthy sense of the possibilities for community development in low-income neighborhoods.
“I’ve always been interested in antipoverty efforts and civil rights,” he says. “In law school, I developed an interest in community-based economic development as a way to fight poverty and discrimination. It’s a combination of liberal politics and economic development.”
During law school at Harvard, where he earned his J.D. magna cum laude, Professor Marsico learned the power of the law as a force for change. He took a clinical course where he worked with clients who needed his representation and where he could see the positive results of his efforts. He now teaches clinical courses, where he has supervised students representing clients on diverse issues including discrimination, community reinvestment, not-for-profit law, and political asylum. “With the asylum cases, for example, we’ve helped get political refugees and their families here and we get good citizens in the process,” he says, explaining the satisfaction in working with clinic clients.
“They fled here because of what we stand for and now they hope to be good residents and good citizens.”
Professor Marsico’s scholarship now focuses on the Community Reinvestment Act, and he has just published a book about this obscure, but crucial, federal law that promotes economic development in impoverished communities. He is examining ways to encourage banks to make loans to businesses and residents of these low-income neighborhoods without encouraging predatory lending at high interest rates and harsh terms. He has written and lectured extensively in the field, focusing on low-income and minority borrowers. His published research includes a survey on patterns of home mortgage lending to low-income and minority communities in the New York metropolitan area.
Now, as Director of the Justice Action Center, Professor Marsico is shaping the school’s efforts to use law’s constructive power as a tool of justice and social welfare. He brings extensive practical experience to the Justice Action Center, having worked as a staff attorney in the Civil Division of the Legal Aid Society in the Bronx and as law clerk to the Honorable Shirley Wohl Kram of the U.S. District Court, Southern District of New York.
Professor Marsico is married to an attorney who serves as a town justice and a hearing examiner for New York State. They have three children.
Teacher’s Manual for Democratizing Capital. (Carolina Academic Press, 2006).
Democratizing Capital: The History, Law, and Reform of the Community Reinvestment Act. (Carolina Academic Press 2005).
CHAPTERS IN BOOKS
“The Community Reinvestment Act,” in Building Healthy Communities: A Guide to Community Economic Development for Advocates, Lawyers, and Policymakers 403-414 (American Bar Association, 2009).
LAW REVIEW AND OTHER SCHOLARLY PUBLICATIONS
“Racial Disparities in Subprime Home Mortgage Lending in New York City: Meaning and Implications,” 53 New York Law School Law Review 1011-1023 (2008-2009) (with J. Yoo).
“An Analysis of the Implementation and Impact of the 2004-2005 Amendments to the Community Reinvestment Act Regulations: The Continuing Importance of the CRA Examination Process,” 53 New York Law School Law Review 271-292 (2008-2009) (with J. Silver).
“Introduction,” 53 New York Law School Law Review 193 (2008-2009).
“The 2004-2005 Amendments to the Community Reinvestment Act: For Communities, One Step Forward and Two Steps Back,” 10 NY Business Law Journal 25-34 (2006).
“The 2004-2005 Amendments to the Community Reinvestment Act: For Communities, One Step Forward and Two Steps Back,” 39 Clearinghouse Review Journal of Poverty Law and Policy 534-545 (2006).
“Democratizing Capital: The History, Law, and Reform of the Community Reinvestment Act (New York Law School Faculty Presentation Day II), 49 New York Law School Law Review 717-726 (2004-2005).
“Subprime Lending, Predatory Lending, and the Community Reinvestment Act Obligations of Banks.” (Special Issue: Reflecting on the Legal Issues of Our Times. New YorkLawSchool Faculty Presentation Day), 46New York Law School Law Review 735-748 (2002-2003).
“Enforcing the Community Reinvestment Act: An Advocate’s Guide to Making the CRA Work for Communities (Symposium: Financial Modernization: The Effect of the Repeal of the Glass Steagall Act on Consumers and Communities).” 17 New York Law School Journal of Human Rights 129-198 (2000).
“Foreword (Symposium: Financial Modernization: The Effect of the Repeal of the Glass Steagall Act on Consumers and Communities).” 17 New York Law School Journal of Human Rights i-x (2000).
“Patterns of Lending to Low-Income and Minority Persons and Neighborhoods: The 1999 New York Metropolitan Area Mortgage Lending Scorecard (Symposium: Financial Modernization: The Effect of the Repeal of the Glass Steagall Act on Consumers and Communities).” 17 New York Law School Journal of Human Rights 199-269 (2000).
“New York Metropolitan Area Lending Scorecard: 1998.” 16 New York Law School Journal of Human Rights 769–809 (2000).
“Shedding Some Light on Lending: The Effect of Expanded Disclosure Laws on Home Mortgage Marketing, Lending and Discrimination in the New York Metropolitan Area.” 27 Fordham Urban Law Journal 481–531 (1999).
“The New Community Reinvestment Act Regulations: An Attempt to Implement Performance-Based Standards.” 29 Clearinghouse Review 1021–1033 (1996).
“Fighting Poverty Through Community Empowerment and Economic Development: The Role of the Community Reinvestment and Home Mortgage Disclosure Acts.” 12 New York Law School Journal of Human Rights 281–310 (1995).
“Working for Social Change and Preserving Client Autonomy: Is There A Role for ‘Facilitative’ Lawyering?” 1 Clinical Law Review 639–663 (1995).
“A Guide to Enforcing the Community Reinvestment Act.” 20 Fordham Urban Law Journal 165–279 (1993).
“Linking Educational Benefits with Draft Registration: An Unconstitutional Bill of Attainder?” 21 Harvard Journal on Legislation 207–224 (1984).
NEWSPAPER ARTICLES, PRACTICE MATERIALS, AND OTHER PUBLICATIONS
Co-Editor, Clinical Research Institute. (New York Law School Research Paper Series, SSRN, 1998 – ) (with S. Ellmann).
“How to Make CRA Exams Really Effective,” American Banker (September 2005).
“Fair Housing — Know Your Rights.” (New York State Division of Human Rights, 1998).
“The New York Law School’s Civil and Human Rights Clinic: An Opportunity to Learn, A Commitment to Help.” 16 In Brief 2–6 (Fall/Winter, 1997).
“Community Reinvestment and Fair Lending Training Manual.” New York State Division of Human Rights, 1995. Revised, 1996.
“The New Community Reinvestment Act Regulations: An Attempt at Implementing Performance-Based Standards.” 49 Consumer Finance Law Quarterly Report 47–58 (Winter, 1995).