Dr. Thomas is the nation's leading expert and author on the Community Reinvestment Act, or CRA. He has a Ph.D. in business and applied economics and an M.A. in finance from The Wharton School as well as an MBA from the University of Miami and a B.S.B.A. (High Honors) from the University of Florida. Dr. Thomas taught banking and monetary economics at The Wharton School of the University of Pennsylvania for 42 years. He is also a 20-plus year member of the board of directors and chairman of the nominating/corporate governance committee of a community bank. Dr. Thomas was the co-founder and chairman of the board of trustees of another successful CRA qualified investment impact bond fund that he launched in August 1999, but he is no longer associated with it or its advisor. Dr. Thomas was a recipient of one of the first three awards of excellence from the National Community Reinvestment Coalition, or NCRC, in 1994, the other two awarded to Representative Joe Kennedy and Comptroller of the Currency Eugene Ludwig. As a consultant to both the private and federal sectors, his thought leadership is reflected in today's existing CRA regulations.
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The chairman of the Federal Reserve presided over the worst inflation in 40 years, generating public outrage that paved the way for Donald Trump's victory in last month's election.
December 9
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With plans to open 100 banking centers in "banking deserts," the $3 trillion JPMorgan Chase is arguably the nation's largest community bank. Other big banks should take notice and follow suit, and regulators should encourage them.
November 11 -
Regulatory justice prevailed with a federal district court injunction staying the politically motivated CRA final rule, the most complicated and convoluted regulation ever. Depending on election results, it may end up in the Supreme Court.
October 14 -
Branches are being closed at a record pace because of mergers and financial reasons. If a closed branch is in a good location and meets certain other conditions, it can represent a low-cost way for a community bank to expand.
September 9 -
Congress publicly excoriated the supervisors and CEOs of last year's trifecta of megabank failures. But, what about the directors who were supposedly overseeing those CEOs? The entire chain of bank oversight needs to be rethought from congressional hearing rooms to banking board rooms.
August 12 -
The most important issue on voters' minds is inflation, and the inflation blame game has heated up with the upcoming presidential election. Putting politics aside, an objective economist would blame neither candidate, since the underlying cause of our inflation, like so many other problems today, was COVID-19.
July 8 -
All eyes are on the FDIC's toxic workplace scandal and the resultant resignation of its longtime director. However, another problem not being discussed is the agency's "problem bank list."
June 10 -
Branch office deposit data is among the most confidential information at a bank, especially those with many branches. Why have regulators made this sensitive competitive data public for banks and thrifts annually for over 50 years but not for credit unions?
May 13 -
Any approval of the proposed Capital One-Discover merger must come with a pro-competitive 1% interchange fee condition to benefit consumers and small businesses and challenge the dominating duopolist Visa, and a pro-community 5% deposit reinvestment condition.
April 8 -
"Don't fight the Fed" is the mantra of investors. But, when the Fed does not allow banks to meet the needs of their communities and shareholders through unfair regulations, like the politically motivated CRA final rule, bankers have no choice but to go to court to seek regulatory justice.
March 11
