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 relaxation of Community Reinvestment Act and fair-lending enforcement by the OCC after President Trump took office deprived minority and low-income applicants in Memphis who sought credit from the bank for far too long.
November 1
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Large banks have received CRA credit for Paycheck Protection Program loans and all types of modifications two to three times more frequently than small banks. The latter need to press examiners to recognize the contribution they’ve made to their communities.
September 15 -
High-tech videoconferencing is no replacement for high-touch in-person meetings. Yet some bank directors who are vaccinated remain hesitant to return to boardrooms.
June 2 -
The next administration must halt the practice of allowing new entrants into the banking system to forgo a full Community Reinvestment Act exam.
February 9 -
The next administration must halt the practice of allowing new entrants into the banking system to forgo a full Community Reinvestment Act exam.
January 4 -
The agency overreached in its proposal to revamp the Community Reinvestment Act when it should have simply required branchless banks to invest more in areas where deposits are taken.
October 28 -
Critics of the Community Reinvestment Act revamp want to freeze the rulemaking process. That would only delay financial help to New York and other hard-hit cities.
May 13 -
A provision of the Community Reinvestment Act overhaul package would rightfully hold lenders more accountable for reinvesting in cities where they are feeding off deposits.
December 19 -
The central bank has a long history of fighting reforms to the Community Reinvestment Act, until now.
July 11 -
The information the Consumer Financial Protection Bureau collects about customer problems can be valuable, but analysts need to move past the headline numbers.
June 10
