Jamiyatni qayta investitsiya qilish to'g'risidagi qonun - Community Reinvestment Act

A bilan aralashmaslik kerak jamiyatni qayta rivojlantirish agentligi, shuningdek "CRA" qisqartmasi bilan nomlangan.
Jamiyatni qayta investitsiya qilish to'g'risidagi qonun
Amerika Qo'shma Shtatlarining Buyuk muhri
Boshqa qisqa sarlavhalarHindiston va Alyaskada mahalliy aholini rivojlantirish to'g'risidagi qonun
Uzoq sarlavhaJamiyatni rivojlantirish, uy-joy qurish va tegishli dasturlarga tegishli ayrim Federal qonunlarga o'zgartirishlar kiritish to'g'risidagi qonun.
Taxalluslar1977 yildagi uy-joy va jamoatchilikni rivojlantirish to'g'risidagi qonun
Tomonidan qabul qilinganThe Amerika Qo'shma Shtatlarining 95-kongressi
Samarali1977 yil 12 oktyabr
Iqtiboslar
Ommaviy huquq95-128
Ozodlik to'g'risidagi nizom91 Stat.  1111
Kodifikatsiya
Sarlavhalar o'zgartirildi42 USC.: Sog'liqni saqlash va ijtimoiy ta'minot
AQSh bo'limlarga o'zgartirishlar kiritildi42 AQSh ch. 69 § 5301
Qonunchilik tarixi

The Jamiyatni qayta investitsiya qilish to'g'risidagi qonun (CRA, P.L. 95-128, 91 Stat. 1147, VIII unvon 1977 yildagi uy-joy va jamoatchilikni rivojlantirish to'g'risidagi qonun, 12 AQSh  § 2901 va boshq.) a Amerika Qo'shma Shtatlarining federal qonuni tijoratni rag'batlantirish uchun mo'ljallangan banklar va jamg'arma birlashmalari qarz oluvchilarning o'z jamoalarining barcha segmentlarida, shu jumladan kam va o'rtacha daromadli mahallalarda ehtiyojlarini qondirishda yordam berish.[1][2][3] Kongress 1977 yilda kam daromadli mahallalarga nisbatan kamsituvchi kredit amaliyotini kamaytirish uchun ushbu qonunni qabul qildi redlining.[4][5]

Qonunda tegishli federal moliyaviy nazorat agentliklari tartibga solinadigan moliya institutlarini o'zlari ustav olgan mahalliy hamjamiyatlarning kreditga bo'lgan ehtiyojlarini qondirishda yordam berishni rag'batlantirish to'g'risida ko'rsatma berilib, xavfsiz va xavfsiz ishlashga mos keladi (802-bo'lim. ) Nizomni bajarish uchun federal tartibga solish idoralari bank muassasalarini CRAga muvofiqligini tekshiradi va yangi ma'lumotlarni olish uchun arizalarni qabul qilishda ushbu ma'lumotlarni hisobga oladi bank filiallari yoki uchun birlashish yoki qo'shilish (804-bo'lim. )[6]

CRA tushkunlikka tushish uchun qabul qilindi redlining, dastlab asoslangan amaliyot Uy-joy mulkdorlarining kredit korporatsiyasi 1937 yilgi Filadelfiyaning xavfsizlik xaritasi kabi "turar-joy xavfsizligi xaritalari".

Majburiy ijro

1977 yildagi Jamiyatni qayta investitsiya qilish to'g'risidagi qonuni hal qilishga intildi kamsitish kam va o'rtacha daromadli mahallalardan jismoniy shaxslarga va korxonalarga berilgan kreditlarda.[7] Qonunda oladigan barcha bank muassasalari majburiydir Federal depozitlarni sug'urtalash korporatsiyasi (FDIC) sug'urtasi Federal bank agentliklari tomonidan bankning kredit taklif qiladimi yoki yo'qligini aniqlash uchun baholanadi (xavfsiz va ishonchli ishlashga muvofiq ravishda 802-bo'lim (b) va 804-bo'lim (1) ) biznes yuritish uchun ustav olgan barcha jamoalarda.[3] Qonunda moliya institutlari faoliyatini baholashning aniq mezonlari sanab o'tilmagan. Aksincha, u baholash jarayonida har bir alohida institutning holati va sharoitiga mos kelishi kerakligi to'g'risida ko'rsatma beradi. Federal qoidalar agentlikning o'n ikkita omilni o'z ichiga olgan beshta faoliyat sohasidagi muvofiqligini baholashda muomalasini belgilaydi. Ushbu imtihon reyting va yozma hisobot bilan yakunlanib, ushbu bank uchun kuzatuv yozuvlarining bir qismiga aylanadi.[8]

Shu bilan birga, qonunda ta'kidlanishicha, muassasaning CRA faoliyati xavfsiz va ishonchli tarzda amalga oshirilishi kerak va muassasalardan zarar etkazishi mumkin bo'lgan yuqori xavfli kreditlarni talab qilmaydi.[3][4] Muassasa CRA-ga muvofiqligi to'g'risidagi yozuv bank nazorati idoralari tomonidan muassasa birlashish, qo'shilish yoki filiallash yo'li bilan kengayishni xohlaganda hisobga olinadi. Qonunda CRA talablarini bajarmaganlik uchun boshqa jazo choralari qo'llanilmaydi.[6][9]

Qoidalar

Depozit muassasalarini nazorat qilish uchun mas'ul bo'lgan xuddi shu bank agentliklari CRA-ga muvofiqligini tekshiradigan idoralardir.[10] Ushbu agentliklar Federal zaxira tizimi (FRB), FDIC va Valyuta nazorati idorasi (OCC). 1981 yilda CRA maqsadlariga erishishda yordam berish uchun Federal Rezerv banklarining har biri jamiyatdagi kredit ehtiyojlarini aniqlashda va ushbu ehtiyojlarni hal qilish yo'llarida bank muassasalari va jamoatchilik bilan ishlash uchun Jamiyat bilan aloqalar bo'yicha idora tashkil etdi.[6]

Ushbu moliyaviy nazorat idoralari tomonidan CRAni amalga oshirish 12-sarlavha bilan tasdiqlangan Federal qoidalar kodeksi (CFR); 25, 228, 345 va 563e qismlar 203 qism qo'shilganligi sababli qismlarga tegishli. Uy-joy ipotekasini oshkor qilish to'g'risidagi qonun (HMDA).[11]

Jadval I. - Federal agentliklar va CRAning tegishli CFR
Federal moliyaviy nazorat agentligiFederal qoidalar kodeksie-CFRIzohlar19952005
Valyuta hisoblagichi idorasi (OCC)12. C.F.R. 25-qism. va boshq.[12][13][14][15][16]
Federal zaxira tizimi (FRB)12. C.F.R. 228-qism. va boshq.[17][18][19][20]
12. C.F.R. 203-qism. va boshq.[21][22][23]
Federal depozitlarni sug'urtalash korporatsiyasi (FDIC)12. C.F.R. 345-qism. va boshq.[24][25][26][27][28]

The Federal moliya institutlarini ekspertiza kengashi (FFIEC) CRA to'g'risidagi idoralararo ma'lumotlarni muvofiqlashtiradi.[11][29] Uchta mas'uliyatli agentlikning (Federal rezerv, FDIC va OCC) alohida bank muassasalarining CRA reytinglari to'g'risidagi ma'lumotlar FFIEC veb-saytida ochiqdir.[30] Ushbu reytinglar birinchi bo'lib Klinton ma'muriyati tomonidan jamoatchilik ishtiroki va CRA faoliyati to'g'risida jamoatchilik fikrini bildirish uchun taqdim etilgan.[31]

Amaldagi me'yoriy-huquqiy bazadan tashqari, har bir federal moliyaviy nazorat agentligining Bosh inspektori belgilangan maqsadlar haqiqatan ham bajarilayotganligini tekshirish uchun har qanday tartibga solinadigan o'zgarishlar bo'yicha muntazam ravishda tekshiruvlar o'tkazadi.[32]

Tarix

Qonunning asl nusxasi tomonidan qabul qilingan Amerika Qo'shma Shtatlarining 95-kongressi va Prezident tomonidan imzolangan Jimmi Karter 1977 yil 12 oktyabrda (Pub.L. 95-128, 12 AQSh ch. 30 ).[33] CRA Amerika shaharlari - ayniqsa kam daromadli va ozchiliklar yashaydigan mahallalarning yomonlashib borayotgan sharoitlarini hal qilish uchun milliy bosim natijasida qabul qilindi.[4]

Kabi jamoat faollari Geyl Sinkotta ning Milliy xalq harakati Chikagoda, milliy kurashni o'tashga va keyinchalik Qonunni ijro etishga olib keldi.[34] O'shandan beri bir nechta qonunchilik va tartibga solish tahrirlari qabul qilindi.[tushuntirish kerak ]

Asl akt

CRA kredit va uy-joy bozoridagi kamsitishni kamaytirish uchun shu kabi qonunlarni qabul qildi, shu jumladan Adolatli uy-joy to'g'risidagi qonun 1968 yil, Teng kredit imkoniyatlari to'g'risidagi qonun 1974 yil va Uy-joy ipotekasini oshkor qilish to'g'risidagi qonun 1975 yil (HMDA). "Adolatli uy-joy to'g'risida" gi qonun va teng kredit imkoniyatlari to'g'risidagi qonun irqiga, jinsiga yoki boshqa shaxsiy xususiyatlariga qarab kamsitishni taqiqlaydi. Uy-joy ipotekasini oshkor qilish to'g'risidagi qonunda moliya institutlari tomonidan ipoteka krediti va murojaatlari to'g'risidagi ma'lumotlarni ommaviy ravishda oshkor qilish talab etiladi. Ushbu harakatlardan farqli o'laroq, CRA mahallaning nisbiy boyligi yoki qashshoqligidan qat'i nazar, jamiyatning barcha qismlariga kredit berilishini ta'minlashga intiladi.[35][36]

Qonun qabul qilinishidan oldin, kam va o'rtacha daromadli mahallalar uchun kredit etishmovchiligi jiddiy bo'lgan. Ularning 1961 yilgi hisobotida Fuqarolik huquqlari bo'yicha AQSh komissiyasi afro-amerikalik qarz oluvchilardan ko'pincha yuqori pul talab qilinishini aniqladilar dastlabki to'lovlar va tezroq to'lash jadvallarini qabul qilish. Komissiya, shuningdek, ayrim joylarga qarz berishdan adyoldan voz kechishni hujjatlashtirdi (redlining ).[37]

Muayyan mahallalarni "qizil" qilish haqidagi da'volar kelib chiqishi Federal uy-joy ma'muriyati 1930-yillarda. Tomonidan yaratilgan "turar-joy xavfsizligi xaritalari" Uy-joy mulkdorlarining kredit korporatsiyasi FHA uchun (HOLC) xususiy va jamoat tashkilotlari tomonidan keyinchalik "xavfli" deb hisoblangan mahallalardan ipoteka kapitalini ushlab qolish uchun foydalanilgan.[38] Kam va o'rtacha daromadli jamoalarda to'g'ridan-to'g'ri kredit berish tanqisligining omili omillari ipoteka kreditlarining cheklangan ikkilamchi bozori, kam daromadli qarz oluvchilar uchun kreditni baholashning yo'qligi bilan bog'liq axborot muammolari va kredit agentliklari o'rtasida muvofiqlashtirishning yo'qligi edi.[39][35][36]

Kongressning Qonun haqidagi munozaralarida tanqidchilar qonun keraksiz tartibga soluvchi yuklarni keltirib chiqaradi deb ayblashdi. Qisman ushbu xavotirlarga javoban Kongress ozgina ko'rsatma tafsilotlarni kiritmadi va shunchaki banklar va jamg'arma assotsiatsiyalari o'zlarining mahalliy jamoalarining kredit ehtiyojlariga xavfsiz va sog'lom xizmat ko'rsatishini ta'minlash uchun bank nazorati idoralariga rahbarlik qiladi.[4][35] Jamoatchilik guruhlari Qonunga binoan o'zlarining huquqlaridan foydalangan holda, qoidalarning bajarilishi to'g'risida shikoyat qilish uchun asta-sekin uyushgan.[40]

Qonunchilikni qayta ko'rib chiqish tarixi

Quyidagi yashirin jadvalda Kongress aktlari bu to'g'ridan-to'g'ri Jamiyatni qayta investitsiya qilish to'g'risidagi qonunga ta'sir qildi. Qonuniy qayta ko'rib chiqilgan yillar, ularni qabul qilgan ommaviy qonunlardan oldin qalin matnda paydo bo'ldi. Ga havolalar kodifikatsiya va bo'lim yozuvlari qonunchilikdagi o'zgarishlar to'g'risida qo'shimcha ma'lumot ham berishi mumkin.

Qonunchilikdagi o'zgarishlar 1989 yil

The 1989 yilgi moliyaviy institutlarni isloh qilish, tiklash va ijro etish to'g'risidagi qonun (FIRREA) 101 Kongress tomonidan qabul qilingan va Prezident tomonidan qonun tomonidan imzolangan Jorj H. V. Bush izidan jamg'arma va kredit inqirozi 1980-yillarning. Bank sohasidagi keyingi umumiy islohotlar doirasida FIRREA 807-bo'limni qo'shdi (12. AQSh § 2906 Sug'urtalangan depozit muassasalarini imtihon qilish sohasini yaxshilash maqsadida mavjud CRA nizomlariga.

Yangi til endi tegishli Federal tartibga solish idorasidan butun jamiyatning kredit ehtiyojlarini qondirishda, shu jumladan uning tarkibidagi har qanday kam va o'rtacha daromadli mahallalarning kredit ehtiyojlarini qondirishda muassasa yozuvlarini o'rganib chiqqandan so'ng yozma baholashni tayyorlashni talab qildi. Ushbu baholash hisobotlari alohida bo'limlarga bo'lingan - bitta maxfiy; bir vaqtning o'zida baholanadigan muassasa mulkiy va shaxsiy ma'lumotlarning yaxlitligini saqlab qolish uchun tegishli ma'lumotlar bazalarining boshlanishi tuzilib, boshqalari jamoatchilikka e'lon qilindi; CRS imtihonlari jarayoniga kirish va nazoratni kuchaytirishga mo'ljallangan. Ochiq bo'limda to'rt darajali CRA imtihonlarini reyting tizimi "Ajoyib", "Qoniqarli", "Yaxshilash zarurati" yoki "Muvofiq bo'lmagan talablar" darajalariga ega bo'lib, ularning har biri agentliklarning baholash asoslarini yozma konspektlari bilan to'ldirilgan. ularning xulosalarini tasdiqlovchi mavjud faktlar.[35][41]

Ga binoan Ben Bernanke, ushbu qonun targ'ibot guruhlari, tadqiqotchilar va boshqa tahlilchilarning "banklar yozuvlarini yanada murakkab, miqdoriy tahlil qilish" qobiliyatini sezilarli darajada oshirdi va shu bilan banklarning kredit siyosatiga ta'sir ko'rsatdi. Vaqt o'tishi bilan jamoat guruhlari va notijorat tashkilotlari "banklar bilan ko'proq rasmiylashtirilgan va samaraliroq sheriklik" ni o'rnatdilar.[4]

Qonunchilikdagi o'zgarishlar 1991 yil

Taqdim etilgan vaqt atrofida 1991 yil Federal depozitlarni sug'urtalash korporatsiyasini takomillashtirish to'g'risidagi qonun (FDICIA), tegishli Federal tartibga solish idoralari, 1989 yilda tashkil etilgan yozma baholashlarning ommaviy bo'limiga kiritilishini kafolatlash uchun etarlicha muassasa ekspertizasi ma'lumotlarini ishonchli tarzda to'plagan edi. Ushbu Qonun 1991 yil dekabrda qabul qilinishi bilan 807-bo'lim (12. AQSh § 2906 ) institutlarning CRA reytingini belgilashda muhim bo'lgan har qanday imtihon ma'lumotlarini kiritishni talab qiladigan o'zgartirish kiritildi.[4][42]

O'sha dekabrdan bir hafta oldin, amaldagi CRA nizomiga yana bir marta o'zgartirish kiritildi Resolution Trust Corporation-ni qayta moliyalashtirish, qayta qurish va takomillashtirish to'g'risidagi 1991 yilgi qonun. Bu ruxsat berdi Qaror ishonchli korporatsiyasi (RTC) RTC konservatori yoki qabul qiluvchisi etib tayinlangan, asosan ozchilikni tashkil etadigan ozchilik yashaydigan mahallalarda joylashgan har qanday jamg'arma assotsiatsiyasining har qanday filialini qulay shart-sharoitlar bilan ta'minlash. 808-bo'lim qo'shilganda (12. AQSh § 2907 ) Qonun bilan mavjud CRA nizomlariga, xayr-ehson qilgan, imtiyozli shartlar bilan sotilgan (tegishli Federal moliyaviy nazorat agentligi tomonidan belgilab qo'yilgan) yoki asosan har qanday joyda joylashgan ushbu muassasalarning har qanday filialini ijaraga beradigan har qanday depozit muassasasi. ozchiliklarning har qanday depozit muassasasiga yoki ayollarning depozit tashkilotiga yaqin bo'lganligi sababli, ushbu faoliyat bilan bog'liq holda etkazilgan badal miqdori yoki zarar miqdori ushbu tashkilot jamoasining kredit ehtiyojlarini qondirishga yo'naltiriladi va CRA imtihonlari o'tkazilganda hisobga olinadi. baholandi.[43]

Qonunchilikdagi o'zgarishlar 1992 yil

Garchi to'g'ridan-to'g'ri Jamiyatni qayta investitsiya qilish to'g'risidagi qonunga tegishli kichik tuzatishlar kiritilgan bo'lsa ham ozchiliklar va ayollarga tegishli muassasalar va sherikliklarni ko'rib chiqish birinchi marta 1991 yilda tashkil etilgan baholash paytida, ning boshqa qismlari Federal uy-joy korxonalari 1992 yil moliyaviy xavfsizligi va mustahkamligi to'g'risidagi qonun bilvosita talab qilingan vaqtda CRA amaliyotiga ta'sir ko'rsatdi Fanni Mey va Freddi Mak, ikkitasi hukumat homiyligidagi korxonalar ipoteka kreditlarini sotib olish va xavfsizligini ta'minlash, kreditlarning foizini arzon uy-joylarni qo'llab-quvvatlashga sarflash.[4]

Qonunchilikdagi o'zgarishlar 1994 yil

The Riegle-Neal davlatlararo bank faoliyati va filiallarning samaradorligi to'g'risidagi 1994 yildagi qonun, davlatlararo bank faoliyatidagi cheklovlarni bekor qilgan, ro'yxatga olingan Jamiyatni qayta investitsiya qilish to'g'risidagi qonun davlatlararo filiallarga ruxsat berish yoki bermaslik to'g'risida qaror qabul qilishda davlatdan tashqaridagi bank tomonidan qabul qilingan reytinglar.[44][45]

Bernankening so'zlariga ko'ra, ushbu qonun qabul qilinganidan keyin banklarni birlashtirish va sotib olish faoliyatidagi keskin o'sish va advokatlik guruhlari bank arizalariga norozilik bildirish uchun jamoatchilik fikrini bildirish jarayonidan tobora ko'proq foydalanmoqdalar. Jamiyatni qayta investitsiya qilish to'g'risidagi qonun asoslar. Arizalar juda katta tortishuvlarga duch kelganda, federal agentliklar bankning kredit yozuvlari to'g'risida jamoatchilik fikrini bildirish uchun ommaviy tinglovlar o'tkazdilar. Bunga javoban ko'plab muassasalar CRA bilan bog'liq kreditlarni engillashtirish uchun alohida biznes bo'limlari va sho'ba korporatsiyalarini tashkil etishdi. CRA bilan bog'liq bunday kreditlarni kengaytirish va boshqarish uchun mahalliy va mintaqaviy davlat-xususiy sheriklik va ko'p bankli kredit konsortsiumlari tashkil etildi.[4]

Normativ o'zgarishlar 1995 yil

1993 yil iyulda Prezident Bill Klinton imtihonlarni yanada izchil o'tkazish, ishlash standartlarini aniqlashtirish, xarajatlar va muvofiqlik yukini kamaytirish uchun nazorat organlaridan CRAni isloh qilishni so'radi.[46]

Robert Rubin Prezidentning iqtisodiy siyosat bo'yicha yordamchisi, prezident Klinton davrida, bu Prezident Klintonning "shaharning ichki shaharlari va qiynalgan qishloq jamoalari muammolarini hal qilish" strategiyasiga mos kelishini tushuntirdi. Klinton ma'muriyatining CRAni kuchaytirish va qizil chiziqlarni yanada kamaytirish bo'yicha taklifining sabablarini muhokama qilib, Lloyd Bentsen, O'sha paytdagi G'aznachilik kotibi, kreditning mavjudligi odamning yashash joyiga bog'liq bo'lmasligi kerakligiga ishonishini tasdiqlagan edi: "Kredit olish uchun ariza berish bilan bog'liq bo'lgan yagona narsa bu siz uni qaerda emas, balki qaytarib berishingiz yoki olmasligingizdir. yashang. " Bentsenning ta'kidlashicha, taklif qilinayotgan o'zgarishlar "qarz beruvchilarga" Jamiyatni qayta investitsiya qilish to'g'risida "gi qonunga qanday amal qilishlarini ko'rsatishini osonlashtiradi" va "ko'plab hujjatlar va kichik biznes kreditlari xarajatlarini qisqartiradi".[31]

1995 yil boshiga kelib, CRA-ning taklif qilingan me'yorlari, ushbu me'yoriy hujjatlar va agentlikning bugungi kungacha imtihon jarayoni davomida amalga oshirishi juda jarayonga yo'naltirilgan, og'ir va haqiqiy natijalarga etarlicha yo'naltirilmaganligi haqidagi tanqidlarni bartaraf etish uchun sezilarli darajada qayta ko'rib chiqildi.[47] CRA imtihon jarayonining o'zi kutilayotgan o'zgarishlarni hisobga olgan holda isloh qilindi.[35] Bank muassasalarining CRA reytinglari to'g'risidagi ma'lumotlar veb-sahifa orqali ochiq ko'rib chiqilishi uchun taqdim etildi.[31] Idorasi Valyuta nazorati (OCC), shuningdek, CRA-ga bo'ysunuvchi kreditorlarga sanoatni obodonlashtirish yoki qayta ishlashni moliyalashtirishga yordam berish uchun berilgan kreditlar uchun jamiyatni rivojlantirish uchun kreditlarni talab qilishga imkon beradigan tartibga solish tuzilmasini qayta ko'rib chiqishga harakat qildi, chunki bu past va o'rtacha darajani tiklash uchun qilingan harakatlarning bir qismi edi. - sayt joylashgan daromadli jamoa.[48]

Kongressning 1995 yilda taklif qilingan o'zgarishlarga bag'ishlangan tinglovlaridan birida, Uilyam A. Niskanen, kafedra Kato instituti 1993 yilda ham, 1994 yilda ham kredit ajratishda siyosiy favoritizm, tartibga soluvchilar tomonidan mikromanagement va banklar CRA talablariga muvofiq ishlash uchun zarar ko'rishi kutilmagan kafolatlar yo'qligi bo'yicha takliflarni tanqid qildi. U taklif qilinayotgan o'zgarishlar iqtisodiyot va umuman bank tizimiga juda qimmatga tushishini taxmin qildi. Niskanen asosiy uzoq muddatli ta'sir bank tizimining sun'iy qisqarishi bo'lishiga ishongan. Niskanen Kongressni bekor qilishni tavsiya qildi Harakat.[49]

Niskanen va taklif qilingan o'zgarishlar bo'yicha boshqa respondentlar o'zlarining tashvishlarini 1993 yil oxiridan 1995 yil boshigacha jamoatchilik fikri va guvohlik berish davrida bildirdilar. O'sha vaqtgacha qayd etilgan jami xavotirlarga javoban Federal moliyaviy nazorat agentliklari (OCC, FRB, FDIC, va OTS) ta'rifi, baholash, reytinglari va ko'lami bilan bog'liq qo'shimcha tushuntirishlar kiritdi; jarayonda ko'tarilgan ko'plab masalalarni etarlicha hal qilish. Agentliklar birgalikda ularni amalga oshirish bo'yicha yakuniy o'zgartirilgan qoidalar haqida xabar berishdi Jamiyatni qayta investitsiya qilish to'g'risidagi qonun ichida Federal reestr 1995 yil 4 mayda. O'zgartirilgan yakuniy qoidalar CRAning amaldagi qoidalarini to'liq o'zgartirdi.[50] ("1995" ustunidagi yozuvlarga qarang I-jadval. xususiyatlari uchun)

Qonunchilikdagi o'zgarishlar 1999 yil

1999 yilda Kongress qabul qilindi va Prezident Klinton qonunni imzoladi Gramm-leich-bliley qonuni, deb ham tanilgan Moliyaviy xizmatlarni modernizatsiya qilish to'g'risidagi qonun. Ushbu qonun .ning qismini bekor qildi Shisha-Stigal qonuni bankka to'liq assortimentini taklif qilishni taqiqlagan sarmoya, tijorat banki va sug'urta 1933 yilda qabul qilinganidan beri xizmatlar. Xuddi shunday qonun loyihasi 1998 yilda taqdim etilgan Senator Fil Gramm ammo qonun chiqarishni qonun bilan yakunlay olmadi. 1998 yildagi qonun loyihasini va 1999 yildagi keyingi qonun loyihasini qabul qilishga qarshilik ko'rsatish qonunchilik tili atrofida joylashgan bo'lib, u o'sha davrdagi bank muassasalari turlarini boshqa xizmat ko'rsatish sohalarida kengaytirishi mumkin edi, ammo buni amalga oshirish uchun CRA talablariga muvofiq kelmaydi. Senator, shuningdek, jamoat guruhlari banklar bilan bo'lgan har qanday moliyaviy "bitimlar" ni to'liq oshkor qilishni talab qilib, bunday guruhlarni "tovlamachilik" da aybladi.[51]

1999 yil kuzida senatorlar Dodd va Shumer boshqasining oldini oldi o'lik Senator Gramm va Klinton ma'muriyati o'rtasida kelishuvni ta'minlash orqali unga o'zgartirish kiritishga rozi bo'lishdi Federal depozitni sug'urta qilish to'g'risidagi qonun (12 AQSh ch. 16 ) banklarning birlashishi yoki boshqa turdagi moliyaviy tashkilotlarga kengayishiga imkon berish. FDIC bilan bog'liq yangi qoidalar Gramm-leich-bliley qonuni, kichik bo'lim qo'shilishi bilan birga § 2903 (v) § to'g'ridan-to'g'ri 12-sarlavhaga, tomonidan moliyaviy xolding sifatida qayta nomlanishini istagan har qanday bank xolding muassasasi sug'urtalangan Boshqaruvchilar kengashi ning Federal zaxira tizimi ham ergashishi kerak edi Jamiyatni qayta investitsiya qilish to'g'risidagi qonun har qanday birlashish yoki kengayish kuchga kirgunga qadar muvofiqlik bo'yicha ko'rsatmalar.[52]

Shu bilan birga G-L-B qonuni ga o'zgartirishlar Federal depozitni sug'urta qilish to'g'risidagi qonun Endi bankning yangi ishbilarmonlik yo'nalishlariga kengayishiga yo'l qo'yadi, ushbu bank yoki moliya institutlari bilan bog'liq bo'lmagan guruhlar ham 12-sarlavhaga yangi qo'shilgan bo'limda ko'rsatilganidek xabar berishlari kerak edi. § 1831y (CRA quyosh nurlari talablari), Gramm tashvishlarini qondirish uchun.[53][54]

Gramm-Leach-Bliley qonuni o'zgarishi bilan birga, kichik banklar CRA-ga muvofiqligi uchun kamroq tez-tez ko'rib chiqilishi kerak edi. §2908. (Kichik bank tomonidan tartibga solinadigan yordam) to'g'ridan-to'g'ri 30-bob, (mavjud CRA qonunlari), o'zi. 1999 yilgi Qonunda, shuningdek, "bilan bog'liq ravishda ikkita tadqiqot o'tkazilishi kerak edi.Jamiyatni qayta investitsiya qilish to'g'risidagi qonun":[55]

  • Federal zaxira tomonidan 2000 yil 15 martgacha Kongressga taqdim etiladigan birinchi hisobot, CRA-ni defolt va huquqbuzarlik stavkalari va CRA bilan bog'liq kreditlarning rentabelligiga e'tibor qaratish uchun har tomonlama o'rganish;[56]
  • keyingi ikki yil davomida G'aznachilik departamenti tomonidan o'tkaziladigan ikkinchi hisobot, Qonun CRA tomonidan ko'zda tutilganidek, kam va o'rtacha daromadli mahallalar va odamlarga xizmatlar ko'rsatishga ta'sirini aniqlashga qaratilgan.[57]

Gramm-Leach-Bliley to'g'risidagi qonunni imzolashda Prezident Klinton "bu banklarning vakolatlarini kengaytirganda, [Jamiyatni qayta investitsiya qilish to'g'risida" gi qonuni kengaytiradigan printsiplarni belgilaydi "dedi.[58]

Normativ o'zgarishlar 2005 yil

2002 yilda Jamiyatni qayta investitsiya qilish to'g'risidagi qonunga 1995 yildagi tartibga soluvchi o'zgartirishlar samaradorligini idoralararo qayta ko'rib chiqish o'tkazildi va yangi takliflar ko'rib chiqildi.[35] 2003 yilda Nyu-York Federal Rezerv Banki tadqiqotchilari moliyaviy xizmatlar sohasidagi keskin o'zgarishlar CRA-ni susaytirganini va 2003 yilda uy sotib olish bo'yicha kreditlarning 30 foizdan kamrog'i CRA doirasida intensiv tekshiruvdan o'tganligini ta'kidladilar.[59]

2005 yil boshida Tejamkorlik nazorati idorasi (OTS) boshqa qoidalar qatorida har doimgidek kreditlash faoliyati orqali CRA reytingining 50 foizini bajarishda davom etib, CRA reytingining 50-25-25 darajadagi chegaralarini o'zgartirishga imkon beradigan bir milliard dollardan ortiq aktivlarga ega bo'lgan tejamkorliklarga yo'l qo'yadigan yangi qoidalarni joriy etdi. ammo qolgan 50 foiz mablag 'tejashni istagan kreditlar, investitsiyalar va xizmatlarning har qanday kombinatsiyasi bo'lishi mumkin. Xizmatlar uchun 25 foizga va investitsiyalar uchun 25 foizga rioya qilish majburiyatlari ixtiyoriy bo'lib, CRA reytingini qoniqtiradigan vositalar uning o'rniga malakaviy tejamkorliklarning ixtiyoriga topshirildi ("2005" ustunidagi yozuvlarga qarang. I-jadval. xususiyatlari uchun).[60]

2005 yil aprelda Demokratik partiyaning kontingenti Kongressmenlar[JSSV? ] ushbu o'zgarishlarga norozilik xati bilan murojaat qilib, CRA-ning "kam va o'rtacha daromadli odamlar va jamoalarning ehtiyojlarini qondirish" qobiliyatini kamaytirganligini aytdi.[61] O'zgarishlar, CRA-ni zaiflashtirishi mumkinligidan xavotirda bo'lgan jamoat guruhlari tomonidan ham qarshilik ko'rsatdi.[62]

Metropoliten va qishloq zonalarini ushbu jarayonda CRA bo'yicha kengaytirilgan ta'rifi bilan yaxshiroq moslashtirish uchun tabaqalashtirishning boshqa formulasini o'z ichiga olgan texnik reglamentga o'zgartirish kiritilgandan so'ng,[63][64] Federal depozitlarni sug'urtalash korporatsiyasi (FDIC), Federal zaxira tizimining Boshqaruvchilar Kengashi (FRB) va Valyuta hisoblagichi idorasi (OCC) 2005 yil sentyabr oyida kuchga kirgan yangi me'yoriy hujjatlar to'plamini aks ettirdilar. yil boshida OTS nima tashabbusi bilan chiqqani ("2005" ustunidagi yozuvlarga qarang Jadval I xususiyatlari uchun).[65] Ushbu me'yoriy hujjatlar, shuningdek, "kichik" va "oraliq kichik" banklarning kamroq cheklovli ta'riflarini ham o'z ichiga olgan.[15] "Oraliq kichik banklar" aktivlari 1 milliard dollardan kam, ammo 250 million dollardan ortiq bo'lgan banklar deb ta'riflandi, bu esa ushbu banklarga kichik bank yoki yirik bank sifatida ekspertizadan o'tishga imkon berdi.[27] Hozirda aktivlari 1,061 milliard dollardan ortiq bo'lgan banklar CRA ko'rsatkichlarini kreditlash, investitsiya va xizmat ko'rsatish sinovlari bo'yicha baholaydilar. Agentliklar iste'mol narxlari indeksidan har yili kichik va yirik muassasalar uchun aktivlar chegaralarini sozlash uchun foydalanadilar.[35]

Normativ o'zgarishlar 2007 yil

Tejamkorlik nazorati idorasi (OTS) qayta ko'rib chiqishni taklif qildi va 2006 yil noyabr oyida CRA qoidalarini boshqa uchta federal bank agentliklarining CRA qoidalariga to'liq muvofiqlashtirilishi to'g'risida jamoatchilik fikrini so'rashni boshladi. Agentlik taklif qilingan qayta yo'naltirish uchun bir necha omillarga murojaat qildi bank va tejamkorlik sohalarida qo'llaniladigan izchil CRA standarti CRA faoliyatini ob'ektiv baholashga yordam beradi; xuddi shu bozorlarda faoliyat yuritgan banklar va treflarni aniq baholashni ta'minlash; va jamoatchilikka CRA faoliyatini bank va tejamkorlik ko'rsatkichlarini oqilona taqqoslashlariga ruxsat berish.[66]

O'sha paytda OTS direktori Jon Reyx o'zining mavjud to'rtta asosiy yo'nalishi bo'yicha taklif qilingan tahrirlarni amalga oshirish va davom ettirish to'g'risida yakuniy qarorni e'lon qildi. Jamiyatni qayta investitsiya qilish to'g'risidagi qonun (CRA) uning qoidalari va boshqa federal bank agentliklari qoidalari o'rtasida bir xillikni tiklash bo'yicha qoidalar. Birinchi taklif qilinganidek qayta ko'rib chiqilgan qoidalar asosini yana bir bor tasdiqlagan Reyx, "OTS ushbu qayta ko'rib chiqishni banklar va tejamkorlik sohalarida CRA ishini izchilligini ta'minlash va ob'ektiv baholashga ko'maklashish uchun qilmoqda. Izchil standartlar jamoatchilikka banklarni yanada samarali taqqoslashlariga imkon beradi. va CRA samaradorligini tejash. " O'zgarishlar CRA maqsadlarini kuchaytirayotganligini ta'kidladi, bu ularning jamoalarining moliyaviy xizmatlariga bo'lgan ehtiyojlarini qondirishda tejamkorlik ko'rsatkichlariga mos keladi.[67]

Ushbu OTS qoidalarini qayta ko'rib chiqish boshqa agentliklarnikiga mos keladi:[68]

  1. yirik, chakana jamg'arma assotsiatsiyasi sinovi davomida kredit berish, investitsiya va xizmat ko'rsatish uchun muqobil og'irlik variantini yo'q qilish;
  2. aktivlari 250 milliondan 1 milliard dollargacha bo'lgan tashkilotlarni "oraliq kichik jamg'arma assotsiatsiyalari" sifatida yangi jamoatchilikni rivojlantirish sinovidan o'tkazish sharti bilan aniqlash;
  3. "kichik" va "oraliq kichik" jamg'arma assotsiatsiyalari uchun aktivlar chegarasini har yili iste'mol narxlari indeksiga (CPI) o'zgartirishlar asosida indeksatsiya qilish; va
  4. OTS diskriminatsiya yoki boshqa noqonuniy kredit amaliyotlarini topgan holda omonat birlashmasining CRA reytingiga salbiy ta'sirini aniqlash.

Ushbu to'rtta o'zgarish, odatda, uchta federal agentlik tomonidan kechqurun qilingan o'zgarishlarni aks ettiradi 2005.[iqtibos kerak ] Agentlik ta'kidlashicha, yangi qoidalar bo'yicha dasturiy o'zgarishlarni muammosiz amalga oshirish uchun 2007 yil 1-iyuldan kuchga kirgan kundan keyin o'tkazilgan imtihonlar doirasida muassasalarga kenglik qisqa muddat davomida taqdim etiladi.[iqtibos kerak ]

Qonunchilikdagi o'zgarishlar 2008 yil

O'tishi bilan Oliy ma'lumot olish to'g'risidagi qonun qonun bilan, Pub.L.  110-315 (matn) (pdf) 2008 yil 14 avgustda har bir tegishli Federal moliyaviy nazorat agentligi moliya instituti tomonidan CRA-ga muvofiqligini baholash va hisobga olishni hisobga oladigan omil sifatida, moliya instituti tomonidan taqdim etilgan har qanday va barcha arzon narxlardagi ta'lim kreditlarini hisobga oladi. - qarz oluvchilar. Ta'sir qilingan barcha Federal moliyaviy nazorat idoralari kuchga kirgan kundan boshlab bir yil o'tgach, o'zgarishni amalga oshirish uchun yakuniy shaklda qoidalar chiqarishi kerak. Federal qoidalar kodeksi (CFR) ga muvofiq X sarlavha, subtitr, 1031-bo'lim Qonunning.

CRAni isloh qilish bo'yicha takliflar

2007 yilda, Ben Bernanke banklar CRA bilan bog'liq kreditlarni xavfsizlashtirish uchun ko'proq imkoniyatlar yaratish orqali CRA majburiyatlarini bajarishda yordam berish uchun Fanni Mae va Freddie Mac-ning arzon uy-joy bozoridagi ishtirokini yanada oshirishni taklif qildi.[69]

2008 yil 13 fevralda Amerika Qo'shma Shtatlari uylarining moliyaviy xizmatlar bo'yicha qo'mitasi "Jamiyatni qayta investitsiya qilish to'g'risida" gi Qonunning kam xizmat ko'rsatadigan jamoalarga kreditlar, investitsiyalar va xizmatlar ko'rsatishga ta'siri va samaradorligi to'g'risida eshitish o'tkazdi. Hukumat va xususiy sektordan 15 guvoh bor edi.[5]

2008 yil 15 aprelda FDIC rasmiy vakili o'sha qo'mitaga FDIC banklarga arzon alternativalarni taklif qilish uchun imtiyozlarni taklif qilishni o'rganayotganini aytdi. ish haqi kreditlari. Bunday qilish ularga jamoatchilikni qayta investitsiya qilish to'g'risidagi qonun majburiyatlari bo'yicha yaxshi ko'rib chiqishga imkon beradi. Yaqinda u 31 bankdan iborat dastlabki guruh bilan ikki yillik tajriba loyihasini boshladi.[70]

Kongress ayol Eddi Bernis Jonson yangi qonunchilikni joriy qildi - (Jamiyatni qayta investitsiya qilishni modernizatsiya qilish to'g'risidagi 2009 yilgi qonun ) - 2009 yil 12 martda CRA doirasini kengaytirish uchun bank bo'lmagan moliya institutlari, kabi kredit uyushmalari.[71][72] Kongressning oldingi sessiyalarida hamjamiyatni qayta investitsiya qilish to'g'risidagi qonunni qonuniy ravishda "modernizatsiya qilish" ga urinishlar bo'lgan, masalan 2000 / 2001 va 2007, Boshqalar orasida. The Amerika Qo'shma Shtatlari uylarining moliyaviy xizmatlar bo'yicha qo'mitasi 2009 yil 16 sentyabrda 10 ta guvoh, shu jumladan Jonson bilan "Jamiyatni qayta investitsiya qilish to'g'risidagi qonunni modernizatsiya qilish bo'yicha takliflar" bo'yicha tinglovlar o'tkazdi.[73] Sakkizta guvoh ishtirokida 2010 yil 15 aprelda "Jamiyatni qayta investitsiya qilish to'g'risidagi qonunga oid istiqbollar va takliflar" bo'yicha yana bir tinglov o'tkazildi.[74]

2010 yil 24 iyunda Valyuta nazorati idorasi (OCC), Federal zaxira tizimi, Federal depozitlarni sug'urtalash korporatsiyasi (FDIC) va Tejamkorlik nazorati idorasi (OTS) birgalikda nashr etilgan Jamiyatni qayta investitsiya qilish to'g'risidagi qonunni amalga oshiradigan qoidalarga kiritilgan qayta ko'rib chiqilgan.[75] Ushbu agentliklar Milliy kredit uyushmasi ma'muriyati (NCUA), tashkil eting Federal moliya institutlarini ekspertiza kengashi (FFIEC), moliya institutlarini tartibga solishni, shu jumladan Jamiyatni qayta investitsiya qilish to'g'risidagi qonunni amalga oshirishni muvofiqlashtiradi. CRA qoidalariga kiritilgan qayta ko'rib chiqishlar "jamiyatni rivojlantirish" atamasini "loyihalarni yoki tadbirlarni qo'llab-quvvatlovchi, qo'llab-quvvatlaydigan yoki qo'llab-quvvatlaydigan kreditlar, investitsiyalar va xizmatlarni" o'z ichiga olgan holda qayta ko'rib chiqishga qaratilgan. 2008 yilgi uy-joy va iqtisodiy tiklanish to'g'risidagi qonun (HERA) va HERA va HERA tomonidan tashkil etilgan Mahalla barqarorlashtirish dasturi doirasida belgilangan belgilangan maqsadli joylarda o'tkaziladi. Amerikaning 2009 yilgi tiklanish va qayta investitsiya to'g'risidagi qonuni (ARRA). Boshqa narsalar bilan bir qatorda, bu o'rtacha daromadli uy xo'jaliklarini o'z ichiga olgan xizmat ko'rsatish doirasini kengaytiradi.[iqtibos kerak ]

2009 yilda Boston va San-Frantsisko federal zaxira banklari nashr etishdi CRA-ni qayta ko'rib chiqish: Jamiyatni qayta investitsiya qilish to'g'risidagi qonunning istiqbollariakademik tadqiqotchilar, tartibga soluvchilar, jamoatchilikni rivojlantirish amaliyotchilari va moliyaviy xizmat ko'rsatish sohasi vakillarining keng doiradagi CRA-ni takomillashtirish bo'yicha fikrlarini to'playdi. [76]

Obama ma'muriyati qashshoq va afroamerikalik mahallalarni kredit bilan ta'minlash bo'yicha tekshirishni kuchaytirdi. Kreditorlar bunday joylarda ishlamaganliklari uchun, ular u erda xizmatni to'xtatganmi yoki ilgari u erda ishlamaganliklari uchun tergov qilinmoqda.[77] Avvalgi Atlantika qo'shma muharriri Daniel Indiviglio CRAga mos kelmaslikning ko'payishini kredit berish talablarining kuchayishi bilan izohlaydi.[78]

Tanqidlar

Samaradorlik

CRAning birinchi yirik tadqiqot tadqiqi 1993 yildagi kitob edi Jamiyatni qayta investitsiya qilish samaradorligi (1993, Probus Publishing) Pensilvaniya Universitetining Uorton maktabining moliya o'qituvchisi, doktorlik fanlari doktori Kennet H. Tomas. 6706 CRA imtihonlari natijalarini tahlil qilishga asoslangan kitobning asosiy xulosasi shundan iborat edi: qonunga ehtiyoj bor va u ishlaydi, lekin uni takomillashtirish kerak, asosan "CRA darajasi inflyatsiyasini oldini olish uchun yaxshiroq va ob'ektivroq amalga oshirish orqali. " Ushbu kitobdagi ko'plab tavsiyalar 1995 yilgi CRA islohotiga kiritilgan. CRA qo'llanmasi (1998, McGraw Hill) 1995 yildagi islohotlar doirasida 1500 dan ortiq CRA imtihonlarini sinchkovlik bilan o'rganib chiqdi va CRA-ning keyingi darajadagi inflyatsiyasini aniqladi va qonunchilik samaradorligini, asosan, ob'ektiv va miqdoriy standartlar orqali yaxshilash bo'yicha aniq tavsiyalar berdi.

Ba'zi iqtisodchilar CRA ahamiyatsiz bo'lganmi yoki hech bo'lmaganda ahamiyatsiz bo'lganmi, degan savolni berishdi, chunki banklarni turli xil qarz oluvchilarga foydali kreditlar berishni rag'batlantirish kerak emas edi.[79][80] 2003 yilgi tadqiqot ishida Federal rezerv iqtisodchilari CRA yuqori daromad keltirganlarga qaraganda kam daromadli mahallalarda kredit berish va uylarga egalik qilishni ko'paytirganligi to'g'risida aniq dalillarni topa olmadilar.[81] 2008 yil Raqobatbardosh korxonalar instituti o'rganish shunga o'xshash topilishga olib keldi.[82]

Sobiq Federal rezerv kafedrasi Ben Bernanke has stated that an underlying assumption of the CRA – that more lending equals better outcomes for local communities – may not always be true, pointing to "recent problems in mortgage markets". However, he notes that at least in some instances, "the CRA has served as a catalyst, inducing banks to enter under-served markets that they might otherwise have ignored".[4]

The Woodstock Institute, a Chicago-based policy and advocacy nonprofit, found in an analysis of 1996 Chicago-area survey data that low income areas still lagged behind in access to commercial loans. Most small business loans made by CRA regulated banks went to higher income areas; 16.6% in low-income areas, 18.4% in low- and moderate-income tracts; 21.8% in middle-income areas and 23.1% in upper-income areas.[83]

In a 1998 paper, Alex Schwartz of the Fannie Mae Foundation found that CRA agreements were "consistently successful in meeting their goals for mortgages, investments in low-income housing tax credits, grant giving to community-based organizations, and in opening (and keeping open) inner-city bank branches."[40] In a 2000 report for the US Treasury, several economists concluded that the CRA had the intended impact of improving access to credit for minority and low-to-moderate-income consumers.[84]

In a 2005 paper for the Nyu-York universiteti yuridik sharhi, Michael S. Barr, professor at the Michigan universiteti yuridik fakulteti, presented evidence to demonstrate that the CRA had overcome bozordagi muvaffaqiyatsizliklar to increase access to credit for low-income, moderate-income, and minority borrowers at relatively low cost. He contends that the CRA is justified, has resulted in progress, and should be continued.[85]

Speaking to the February 2008 Congressional Committee on Financial Services hearing on the CRA, Sandra L. Thompson, Director of the Division of Supervision and Consumer Protection at the FDIC, lauded the positive impact of CRA, noting that, "studies have pointed to increases in lending to low- and moderate-income customers and minorities in the decades since the CRA's passage." She cited a study by the Joint Center for Housing Studies at Harvard University, that found that "data for 1993 through 2000 show home purchase lending to low- and moderate-income people living in low- and moderate-income neighborhoods grew by 94 percent – more than in any of the other income categories".[36]

In his statement before the same hearing, Nyu-York universiteti economics professor Larry White stated that regulator efforts to "lean on" banks in vague and subjective ways to make loans is an "inappropriate instrument for achieving those goals". In a world of national banking enterprises, these policies are more likely to drive institutions out of neighborhoods. He stated that better ways to accomplish the goals would be vigorous enforcement of anti-discrimination laws, of antitrust laws to promote competition, and federal funding of worthy projects directly through an "on-budget and transparent process" like the Community Development Financial Institutions Fund.[86]

According to a 2012 study "credit markets enabled a substantial fraction of Hispanic families to live in neighbourhoods with fewer black families, even though a substantial fraction of black families were moving to more racially integrated areas. The net effect is that credit markets increased racial segregation".[87]

Politico has reported that the Community Reinvestment Act may sometimes push poor people out of their own neighborhoods by facilitating investment by outsiders.[88]

Sound practices and profitability

2000 yilga ko'ra Amerika Qo'shma Shtatlari G'aznachilik vazirligi study of lending trends in 305 U.S. cities between 1993 and 1998, $467 billion in mortgage credit flowed from CRA-covered lenders to low- and medium-income borrowers and areas. In that period, the total number of loans to poorer Americans by CRA-eligible institutions rose by 39% while loans to wealthier individuals by CRA-covered institutions rose by 17%. The share of total US lending to low and medium income borrowers rose from 25% in 1993 to 28% in 1998 as a consequence.[89]

Responding to concerns that the CRA would lower bank profitability, a 1997 research paper by economists at the Federal Reserve found that "[CRA] lenders active in lower-income neighborhoods and with lower-income borrowers appear to be as profitable as other mortgage-oriented commercial banks".[90]

Concerns at the time over the 1995 regulatory change causing an increase in the inability of financial institutions to expand through mergers or acquisition due to regulatory denial based on poor CRA compliance were unfounded. Over the 1993-97 period, one regulatory agency, the Federal Reserve Board, actually approved more applications than the average percentages of those without a detailed CRA review taking place. Of the 1,100 merger or acquisition cases the FRB reviewed on average per year where the relevant institutions were subject to CRA, only 70 instances on average were identified with potential CRA problems regardless of public opposition or internal reporting raising the concern. On average, 22 of these were ultimately identified as CRA compliance being the primary reason for both application withdrawal or FRB denial.[91]

In October 1997, First Union Capital Markets and Bear, Stearns & Co launched the first publicly available sekuritizatsiya of Community Reinvestment Act loans, issuing $384.6 million of such securities. The securities were guaranteed by Freddie Mac and had an implied "AAA" rating.[92][93] The public offering was several times oversubscribed, predominantly by money managers and insurance companies who were not buying them for CRA credit.[94]

In October 2000, to expand the ikkilamchi bozor for affordable community-based mortgages and to increase liquidity for CRA-eligible loans, Fannie Mae committed to purchase and securitize $2 billion of "MyCommunityMortgage" loans.[95][96] In November 2000 Fannie Mae announced that the Uy-joy va shaharsozlik bo'limi ("HUD") would soon require it to dedicate 50% of its business to low- and moderate-income families." It stated that since 1997 Fannie Mae had done nearly $7 billion in CRA business with depository institutions, but its goal was $20 billion.[92] In 2001 Fannie Mae announced that it had acquired $10 billion in specially-targeted Community Reinvestment Act (CRA) loans more than one and a half years ahead of schedule, and announced its goal to finance over $500 billion in CRA business by 2010, about one third of loans anticipated to be financed by Fannie Mae during that period.[97]

Speaking in 2007, the 30th anniversary of the CRA, Ben Bernanke, Kafedra Federal zaxira tizimi since 2006, stated that the high costs of gathering information, "may have created a 'first-mover' problem, in which each financial institution has an incentive to let one of its competitors be the first to enter an underserved market". Bernanke notes that at least in some instances, "the CRA has served as a catalyst, inducing banks to enter underserved markets that they might otherwise have ignored". In the same 2007 speech, Bernanke also noted that, "managers of financial institutions found that these loan portfolios, if properly underwritten and managed, could be profitable" and that the loans "usually did not involve disproportionately higher levels of default".[4]

Housing advocacy groups

CRA regulations give community groups the right to comment on or protest banks' purported non-compliance with CRA.[7] Such comments could help or hinder banks' planned expansions. Groups at first only slowly took advantage of these rights.[40] Regulatory changes during the Klinton administration allowed these community groups better access to CRA information and enabled them to increase their activities.[4][35][98]

Uchun maqolada Nyu-York Post, economist Stan Liebowitz wrote that community activists' intervention at yearly bank reviews resulted in their obtaining large amounts of money from banks, since poor reviews could lead to frustrated merger plans and even legal challenges by the Justice Department.[99] Michelle Minton noted that Manxettenni ta'qib qilish va JP Morgan donated hundreds of thousands of dollars to ACORN around the same time they were to apply for permission to merge and needed to comply with CRA regulations.[82]

Ga binoan The New York Times, some of these housing advocacy groups provided early warnings about the potential impact of lowered credit standards and the resulting unsupportable increase in real estate values they were causing in low to moderate income communities. Ballooning mortgages on rental properties threatened to require large rent increases from low and moderate income tenants that could ill afford them.[100]

Ga binoan Ichki shahar matbuoti, "Bronx-based Fair Finance Watch commented to the Federal Reserve about the practices of now-defunct non-bank subprime lender Yangi asr, qachon AQSh Bancorp bought warrants for 24% of New Century's stock. The Fed, rather than take any action on New Century, merely waited until U.S. Bancorp sold off some of the warrants, and then said the issue was moot." However, subprime loans were so profitable, that they were aggressively marketed in low-and moderate-income communities, even over the objections and warnings of housing advocacy groups like ACORN.[101]

Yirtqich qarz berish

In a 2002 study exploring the relationship between the CRA and lending looked at as predatory, Kathleen C. Engel and Patricia A. McCoy noted that banks could receive CRA credit by lending or brokering loans in lower-income areas that would be considered a risk for ordinary lending practices. CRA regulated banks may also inadvertently facilitate these lending practices by financing lenders. They noted that CRA regulations, as then administered and carried out by Fannie Mae and Freddie MAC, did not penalize banks that engaged in these lending practices. They recommended that the federal agencies use the CRA to sanction behavior that either directly or indirectly increased predatory lending practices by lowering the CRA rating of any bank that facilitated in these lending practices.[102]

The FDIC has tried to address this issue by "stopping abusive practices through the examination process and supervisory actions; encouraging banks to serve all members and areas of their communities fairly; and providing information and financial education to help consumers make informed choices". FDIC policy currently states that "predatory lending can have a negative effect on a bank's CRA performance."[103]

Competition also played a part in lending practices. In order to gain market share lenders lowered their standards.[104]

Relationship to the 2008 financial crisis

Shuningdek qarang: Ikkilamchi ipoteka inqirozi va 2008-2009 yillardagi global moliyaviy inqiroz

Economist Stan Liebowitz wrote in the Nyu-York Post that a strengthening of the CRA in the 1990s encouraged a loosening of lending standards throughout the banking industry. He charged the Federal Reserve with ignoring the negative impact of the CRA.[99] Ga binoan Manxetten instituti scholar Howard Husock, the CEO of a midsize bank reported that 20% of his institution's CRA-related mortgages were delinquent in their first year and probably 7% would end in foreclosure.[105] Uchun sharhda CNN, Kongress a'zosi Ron Pol, who serves on the Amerika Qo'shma Shtatlari uylarining moliyaviy xizmatlar bo'yicha qo'mitasi, charged the CRA with "forcing banks to lend to people who normally would be rejected as bad credit risks."[106] A The Wall Street Journal opinion piece, economist Russell Roberts wrote that the CRA subsidized low-income housing by pressuring banks to serve poor borrowers and poor regions of the country.[107]

Other economists have examined the issue and concluded that the CRA did not contribute to the financial crisis, notably The New York Times sharhlovchi va Nobel mukofoti sovrindori Pol Krugman,[108] Tim Westrich of the Amerika taraqqiyot markazi,[109] Robert Gordon of the Amerika istiqboli,[110] Ellen Seidman of the Yangi Amerika jamg'armasi,[111] Daniel Gross ning Slate,[112] Din Beyker ning Center For Economic and Policy Research,[113] and Aaron Pressman from BusinessWeek.[114] Yuridik professori Michael S. Barr, a Treasury Department official under President Clinton,[58][115] stated that approximately 50% of subprime loans were made by independent mortgage companies that were not regulated by the CRA, and another 25% to 30% came from only partially CRA regulated bank subsidiaries and affiliates. Barr noted that institutions fully regulated by CRA made "perhaps one in four" sub-prime loans, and that "the worst and most widespread abuses occurred in the institutions with the least federal oversight".[116]

Ga binoan Amerika Enterprise Institute fellow Edward Pinto, Amerika banki reported in 2008 that its CRA portfolio, which constituted 7% of its owned residential mortgages, was responsible for 29 percent of its losses. He charged that "approximately 50 percent of CRA loans for single-family residences ... [had] characteristics that indicated high credit risk", yet, per the standards used by the various government agencies to evaluate CRA performance at the time, were not counted as "subprime" because borrower credit worthiness was not considered.[117][118][119][120] Krugman argues that Pinto's category of "other high-risk mortgages" incorrectly includes loans that were not high-risk, that instead were like traditional conforming mortgages.[121] Gene Epstein of Barronniki disputed Krugman's claims and those of the article he cited as erroneous and misleading.[122] Another CRA critic, Joseph Fried, concedes that "some of this CRA subprime lending might have taken place, even in the absence of CRA. For that reason, the direct impact of CRA on the volume of subprime lending is not certain."[123] A study by the economists, Agarwal, Benmelich, and Bergman, found that banks undergoing CRA-related regulatory exams took additional mortgage lending risk.[124]

The Moliyaviy inqirozni tekshirish bo'yicha komissiya formed by the US Congress in 2009 to investigate the causes of the 2008 financial crisis, concluded "the CRA was not a significant factor in subprime lending or the crisis".[125] Ben Bernanke, keyin raisi Federal zaxira, wrote that experience and research contradict "the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties."[126] Government economists and officials, including Janet Yellen, then President and CEO of the Federal Reserve Bank of San Francisco,[127] FDIC Chair Sheila Bair,[128] Valyuta nazorati John C. Dugan,[129] va Federal zaxira Hokim Randall Kroszner,[130] also hold that the CRA did not significantly contribute to the subprime crisis. According to Yellen, former Chair of the Federal Reserve, independent mortgage companies made risky "higher-priced" loans at more than twice the rate of the banks and thrifts; most CRA loans were responsibly made, and were not the "higher-priced" loans that have contributed to the current crisis.[127][131][132] 2008 yil davomida Uyning nazorat va hukumat islohoti bo'yicha qo'mitasi hearing on the role of Fannie Mae and Freddie Mac in the financial crisis, including in relation to the Community Reinvestment Act, when asked if the CRA provided the "fuel" for increasing subprime loans, former Fannie Mae CEO Franklin Reyns said it might have been a catalyst encouraging bad behavior, but it was difficult to know. Raines also cited information that only a small percentage of risky loans originated as a result of the CRA.[133]

In 2015, Federal Reserve Board economists Neil Bhutta and Daniel Ringo published a summary of available studies on the issue. They concluded that "CRA-related loans were a small fraction of the subprime market during the mortgage boom", and hence it was not a significant contributor to the financial crisis.[134]

Shuningdek qarang

Adabiyotlar

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    Bundan tashqari, ushbu ko'rsatma odatda quyidagilarga taalluqli bo'lmaydi: .... va ba'zi bir yuqori darajadagi xavf xususiyatlariga ega bo'lishi mumkin bo'lgan, ammo boshqa yo'llar bilan davlat dasturlari, xususiy kreditlarni takomillashtirish yoki boshqa tegishli xavflarni kamaytirish texnikasi kafolatlari bilan kamaytirilgan CRA qoidalarida belgilangan jamoat rivojlanish kreditlari.

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