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ONLINE BANKING ZAPS COMMUNITY LENDING: INTERNET PUSH MAY GUT FEDERAL REINVESTMENT LAW.
Crain's Chicago Business, December, 1998 by JOHNSSON, JULIE
What's a community in cyberspace? Making that determination is a growing predicament for federal bank regulators and community activists seeking to preserve billions of dollars in housing and corporate lending to the area's lower-income neighborhoods. The bank industry's charge into online lending, deposit-gathering and other transactions will effectively gut the Community Reinvestment Act (CRA), which requires lenders to reinvest a portion of federally insured deposits in their communities.
Motivated by CRA, banks have plowed money into low-income neighborhoods through affordable housing initiatives, new branch offices and loans to small businesses. Whether those efforts will continue in an era of cyberbanking depends on how regulators revamp CRA --...
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