Kenneth H. Thomas
PresidentKenneth H. Thomas, Ph.D., president of Miami-based Community Development Fund Advisors LLC, taught finance at the University of Pennsylvania’s Wharton School for over 40 years. He is the author of The CRA Handbook.
Kenneth H. Thomas, Ph.D., president of Miami-based Community Development Fund Advisors LLC, taught finance at the University of Pennsylvania’s Wharton School for over 40 years. He is the author of The CRA Handbook.
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.
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.
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.
The next administration must halt the practice of allowing new entrants into the banking system to forgo a full Community Reinvestment Act exam.
The next administration must halt the practice of allowing new entrants into the banking system to forgo a full Community Reinvestment Act exam.
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.
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.
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.
The central bank has a long history of fighting reforms to the Community Reinvestment Act, until now.
The information the Consumer Financial Protection Bureau collects about customer problems can be valuable, but analysts need to move past the headline numbers.