Community Reinvestment Undercut by Senate Panel.(Senate Banking Committee wants to deregulate financial services)(Brief Article)
Nation's Cities Weekly, March, 1999
The Senate Banking Committee passed and sent to the full Senate a bill to deregulate the nation's financial services industry which would have significant consequences for cities. Of greatest concern to cities are the provisions in the bill, sponsored by Senator Phil Gramm (R-Tex.), which would sharply undercut the Community Reinvestment Act (CRA).
The Senate bill would substantially roll back the scope of the CRA by allowing banks that are not in compliance with the CRA to expand their financial services activities by affiliating with insurance and securities entities without exacting any requirement that they provide services in the areas where they are located and take deposits.
The House Banking Committee has completed and sent to the full House...
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